Regulatory Alerts2020-10-09 | 13282Exceptional measures concerning cash withdrawals from foreign currency bank accounts
The Governor of the Central Bank of Lebanon issued Central Decision No. 13282 to amend and extend Decision No. 13221 until March 31, 2021, requiring Lebanese banks to settle foreign currency cash withdrawals and cash box operations in Lebanese Lira at the electronic exchange platform rate upon client approval. The revised Article One preserves the foundational framework of Decision No. 13217 while explicitly mandating that banks convert requested foreign currency amounts into Lebanese Lira according to approved platform rates and internal bank limits. This decision takes immediate effect upon issuance, is published in the Official Gazette, and applies uniformly to all banks operating in Lebanon.
Central Circular No. 572
To the Banks:
We enclose a copy of Central Decision No. 13282 dated October 9, 2020, concerning the amendment of Central Decision No. 13221 dated April 21, 2020 (Exceptional measures concerning cash withdrawals from foreign currency accounts), attached to Central Circular No. 151.
Beirut, October 9, 2020
Governor of the Central Bank of Lebanon Riad T. Salameh
Central Decision No. 13282
Amending Central Decision No. 13221 dated April 21, 2020 (Exceptional measures concerning cash withdrawals from foreign currency accounts)
The Governor of the Central Bank of Lebanon, Pursuant to the Monetary and Credit Law, particularly Articles 174 and 70 thereof, Pursuant to Central Decision No. 13221 dated April 21, 2020 concerning exceptional measures regarding cash withdrawals from foreign currency accounts, Pursuant to the decision of the Central Council of the Central Bank of Lebanon taken in its meeting held on October 7, 2020,
Decides as follows:
Article One: The text of Article One of Central Decision No. 13221 dated April 21, 2020 is hereby repealed and replaced with the following:
"Without prejudice to the concept of Central Decision No. 13217 dated April 9, 2020, in case any account holder or beneficiary requests to make any cash withdrawals or cash box operations related to him/her in US Dollars or other foreign currencies, the banks operating in Lebanon, subject to the client's approval, shall settle an amount equivalent to their value in Lebanese Lira according to the rate and limits approved by the relevant bank on the electronic exchange platform."
Article Two: The provisions of Central Decision No. 13221 dated April 21, 2020 are extended until March 31, 2021.
Article Three: This decision takes effect upon its issuance.
Article Four: This decision is published in the Official Gazette.
Beirut, October 9, 2020
Governor of the Central Bank of Lebanon Riad T. Salameh