Regulatory Alerts2021-12-23 | 13391Exceptional Restrictions Relating to Some Banking Operations
The Governor of the Central Bank of Lebanon issued Decision No. 13391 to amend Basic Decision No. 13353 by updating the reference rate for foreign currency trading with clients, excluding new funds, to 1,507.5 Lebanese Lira per US Dollar and aligning it with rates established in Decisions 13221 and 13356. The amendment mandates that banks conduct foreign currency transactions solely in accordance with this updated reference rate, at its value and cost. This decision takes effect immediately upon issuance and is published in the Official Gazette to enforce the exceptional restrictions on specified banking operations.
Central Bank Circular No. 608 To Banks
Enclosed copy: We hereby enclose, in reference to Central Bank Decision No. 13391 dated December 23, 2021, amending Basic Decision No. 13353 dated August 17, 2021, regarding exceptional restrictions on certain operations conducted by banks, attached to Basic Circular No. 159.
Beirut, December 23, 2021 Governor of the Central Bank of Lebanon Riad T. Salaméh
Central Bank Decision No. 13391 Amending Basic Decision No. 13353 dated August 17, 2021
The Governor of the Central Bank of Lebanon, Pursuant to the Monetary and Banking Law, particularly Articles 70 and 174 thereof, Pursuant to Basic Decision No. 13353 dated August 17, 2021, regarding exceptional restrictions on certain operations conducted by banks, And pursuant to the decision of the Central Council of the Central Bank of Lebanon adopted in its meeting held on December 22, 2021, Decrees as follows:
Article 1: The following paragraph (3) is added to Article 2 of Basic Decision No. 13353 dated August 17, 2021: "3. Foreign currency trading, other than 'new funds', with clients, solely in accordance with:
- The Central Bank's reference rate in its dealings with banks, at its value and cost (currently 1,507.5 Lebanese Lira per US Dollar).
- The rate specified in Basic Decision No. 13221 dated April 21, 2020 (Basic Circular No. 151) for the purpose of applying its provisions.
- The rate specified in Basic Decision No. 13356 dated June 8, 2021 (Basic Circular No. 158) for the purpose of applying its provisions."
Article 2: This Decision shall take effect upon issuance. Article 3: This Decision shall be published in the Official Gazette.
Beirut, December 23, 2021 Governor of the Central Bank of Lebanon Riad T. Salaméh