Regulatory Alerts2021-06-28 | 13343Certificates of Deposit Issued by Banque du Liban, Issuing of Certificates of Deposit & Banking Certificates, Bonds, Accounts Held in Foreign Currencies at BDL and Opening of Bank Accounts
Banque du Liban issued Circular Decision No. 13343 on June 28, 2021, extending the validity of five foundational regulatory decisions governing foreign currency accounts, bonds, certificates of deposit, banking certificates, and bank account openings until December 31, 2021. The directive specifically prolongs the application of designated articles within Decisions No. 5258, 6856, 7224, 7534, and 13100 as amended by recent circular decisions. Effective immediately upon issuance and official gazette publication, this extension maintains regulatory continuity for Lebanese financial institutions operating under these monetary frameworks.
Circular No. 591 To Banks and Financial Institutions, and to Supervisory Commissioners
We enclose a copy of the following Circular Decisions:
- Fundamental Decision No. 5258 dated 17/9/1993 (Opening of Foreign Currency Accounts at Banque du Liban) attached to Fundamental Circular No. 14.
- Fundamental Decision No. 6856 dated 19/12/1997 (Bonds Issued by Lebanese Banks and Financial Institutions) attached to Fundamental Circular No. 36.
- Fundamental Decision No. 7224 dated 11/2/1999 (System for Issuing Certificates of Deposit and Banking Certificates) attached to Fundamental Circular No. 61.
- Fundamental Decision No. 7534 dated 2/3/2000 (Issuance of Banking Certificates by Banque du Liban) attached to Fundamental Circular No. 67.
- Fundamental Decision No. 13100 dated 3/9/2019 (Opening of Bank Accounts) attached to Fundamental Circular No. 147.
Beirut, June 28, 2021 Governor of Banque du Liban Riad T. Safieh
Circular Decision No. 13343 Amending Fundamental Decision No. 5258, Fundamental Decision No. 6856, Fundamental Decision No. 7224, Fundamental Decision No. 7534, and Fundamental Decision No. 13100
The Governor of Banque du Liban, Pursuant to the Monetary and Banking Law, particularly Articles 174 and 70 thereof, Pursuant to Fundamental Decision No. 5258 dated 17/9/1993 and its amendments regarding the opening of foreign currency accounts at Banque du Liban, Pursuant to Fundamental Decision No. 6856 dated 19/12/1997 and its amendments regarding bonds issued by Lebanese banks and financial institutions, Pursuant to Fundamental Decision No. 7224 dated 11/2/1999 and its amendments regarding the system for issuing certificates of deposit and banking certificates, Pursuant to Fundamental Decision No. 7534 dated 2/3/2000 and its amendments regarding the issuance of banking certificates by Banque du Liban, Pursuant to Fundamental Decision No. 13100 dated 3/9/2019 and its amendments regarding the opening of bank accounts, Pursuant to the decision of the Central Council of Banque du Liban taken in its meeting held on 23/6/2021,
Decides as follows:
Article One: The provisions of the following are extended until 31/12/2021:
- "Article 4 bis" of Fundamental Decision No. 5258 dated 17/9/1993 added by Circular Decision No. 13157 dated 4/12/2019.
- "Article 6 bis" of Fundamental Decision No. 6856 dated 19/12/1997 added by Circular Decision No. 13187 dated 30/1/2020.
- "Article 20" of the system attached to Fundamental Decision No. 7224 dated 11/2/1999 added by Circular Decision No. 13187 dated 30/1/2020.
- "Article 6 bis" of Fundamental Decision No. 7534 dated 2/3/2000 added by Circular Decision No. 13157 dated 4/12/2019.
- "Article 4" of Fundamental Decision No. 13100 dated 3/9/2019 added by Circular Decision No. 13157 dated 4/12/2019 and amended by Circular Decision No. 13195 dated 13/2/2020.
Article Two: This decision shall take effect upon its issuance.
Article Three: This decision shall be published in the Official Gazette. Beirut, June 28, 2021 Governor of Banque du Liban Riad T. Safieh