Regulatory Alerts1998-10-30 | 7144Documentary Credits
Issued by the Governor of Banque du Liban, this Basic Decision mandates Lebanese banks to collect a 15% cash margin on all open or newly opened import documentary credits, while exempting back-to-back operations to non-Lebanese destinations and allowing triangular transit facilities. It introduces exceptional import-export procedures requiring customers to fund fresh accounts with cash or foreign transfers upon credit issuance and mandates the repatriation of export proceeds into these accounts, granting clients full banking service access. Furthermore, it requires monthly electronic submission of credit and bill movements via the eSTR system to the Economics Department, repeals eight historical circulars, and updates reporting forms and departmental nomenclature.