Regulatory Alerts2020-08-06 | 13254Assistance to Persons Affected by the Beirut Port Explosion
The Governor of the Central Bank of Lebanon issued Basic Decision No. 13,254 mandating banks and financial institutions to provide interest-free US dollar loans to individuals, SMEs, and corporate entities for essential repair of homes and business premises damaged by the Beirut Port explosion. These loans are exempt from existing client ceilings, carry no commissions or interest rates, and must be repaid over five years through monthly or quarterly installments. Furthermore, the Central Bank provides matching five-year US dollar loans to participating institutions at 0% interest and grants temporary exemptions from regulatory capital ratios, while allowing early prepayment in USD or a one-time conversion to Lebanese Lira at 3,900 LBP per USD.