Mr. Gerry Rice from the IMF Communications Department commented during the IMF Press Briefing held on June 10, 2021 that the draft capital control law and the decision to allow foreign currency deposit withdrawals should be part of a “broader set of policy measures and reforms”. Mr. Rice noted that implementing the capital control law in Lebanon should come in tandem with proper fiscal, monetary and exchange-rate policies. He stated that it remains unclear how the foreign currency deposit withdrawal will be financed amid the significant drop in the availability of foreign currency in the Lebanese economy during the last 2 years and the need to continue to finance the imports of goods & services. Furthermore, Mr. Rice commented that the implementation of the new circular which consents foreign currency deposit holders to withdraw part of their foreign currency deposits in U.S. dollar and part in Lebanese pounds could result in an increase in Lebanese pounds in circulation thereby adding to the inflationary pressures and to the depreciation of the lira.