Regulatory Alerts2011-12-07 | 10853Capital of Money Dealers
The Central Bank of Lebanon, through Governor Riad Salamé, issued Basic Decision No. 10853 dated 7 December 2011 to establish minimum capital thresholds for money dealers, categorizing them into ten billion Lebanese Lira for Category A and five billion Lebanese Lira for Category B. This decision takes effect upon issuance, granting money dealers established prior to that date a maximum compliance deadline of 17 May 2023. Failure to meet these capital requirements or complete the necessary increase procedures by the deadline results in automatic license revocation and removal from the official registry.
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Basic Circular for Money Dealers No. 4
We enclose herewith a copy of the Basic Decision No. 10853 dated 7/12/2011 concerning the determination of capital for money dealers.
Beirut, 7 December 2011 Governor of the Central Bank of Lebanon Riad Tawfiq Salamé
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Basic Decision No. 10853 Determination of Capital for Money Dealers
The Governor of the Central Bank of Lebanon, Pursuant to the provisions of Article 6 of Law No. 347 dated 6/8/2001 concerning the regulation of the money exchange profession in Lebanon, And pursuant to the decision of the Central Council of the Central Bank of Lebanon taken in its meeting held on 30/11/2011, Decides as follows:
Article 1: The minimum capital for money dealers is determined according to their categories specified in Article 3 of Law No. 347 dated 6/8/2001, as follows: 1 - Regarding Category (A), ten billion Lebanese Lira. 2 - Regarding Category (B), five billion Lebanese Lira.
1 - A final amendment was introduced to this Article pursuant to Article 1 of Interim Decision No. 13433 dated 17/5/2022 (Interim Circular No. 620).
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Article 2: This Decision takes effect upon its issuance, and money dealers established prior to the date of issuance are granted a maximum deadline of 17/5/2023 to comply with its provisions.
Article 3: This Decision shall be published in the Official Gazette.
Beirut, 7 December 2011 Governor of the Central Bank of Lebanon Riad Tawfiq Salamé
1 - This Article was amended pursuant to Article 1 of Interim Decision No. 11269 dated 20/11/2012 (Interim Circular No. 309). 2 - Article 2 of Interim Decision No. 13433 dated 17/5/2022 (Interim Circular No. 620) stipulated that money dealers established prior to its issuance are granted a maximum deadline of one year to settle their status and complete capital increase procedures, under penalty of having their names struck off the list of money dealers and considering their granted license automatically revoked.