Regulatory Alerts2020-04-03 | 13215Exceptional Measures for Cash Withdrawals from Small Bank Accounts
Bank Al-Maghrib issued Basic Decision No. 13215 to permit Lebanese banks to process cash withdrawals for clients whose total account balances do not exceed 5,000,000 L.L. or 3,000 USD. The decision mandates that banks convert the requested amounts to USD at the central bank's rate, then to Lira at the approved electronic platform rate, before paying the client, while requiring full account consolidation, client consent, and prior settlement of overdrafts. The measure remains effective until October 3, 2020, and all other USD transactions continue to follow the central bank's prescribed rate.
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