Regulatory Alerts2020-11-04 | 13288Central Circular No. 574 – Documentary Credits
The Central Bank of Lebanon issued Central Decision No. 13288 to amend Central Decision No. 7144 regarding Documentary Credits and Bills of Lading. The decision mandates that banks prohibit granting customers cash margin facilities under the First paragraph, while introducing exceptional import and export procedures requiring customers to form margins in a fresh account against specified credits and deferred payment bills. Furthermore, it allows full repatriation of foreign currency from exports into these fresh accounts and grants customers unrestricted access to utilize these funds for all domestic and international banking services, including foreign exchange, cash deposits, and card services.
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