Regulatory Alerts2023-01-20 | 13527Exceptional Measures for the Gradual Withdrawal of Deposits in Foreign Currencies
The Central Bank of Lebanon issued Interim Decision No. 13527 to amend Basic Decision No. 13335, establishing revised exceptional measures for the gradual withdrawal of foreign currency deposits. The decision replaces previous limits by allowing account holders to withdraw up to USD 800 annually in US dollars and an additional equivalent of USD 400 in Lebanese Lira, with payments split between cash and bank cards or utility bills at a fixed rate of 15,000 Lira per dollar. These revised withdrawal mechanisms take effect on February 1, 2023, and apply to all banks without imposing direct or indirect fees on the transactions.
Circular No. 658 for Banks Copy of Interim Decision No. 13527 dated January 20, 2023, amending Basic Decision No. 13335 dated June 8, 2021 (Exceptional Measures for the Gradual Repayment of Foreign Currency Deposits) attached to Basic Circular No. 158 Beirut, January 20, 2023 Governor of the Central Bank of Lebanon Riad T. Salamé
Interim Decision No. 13527 Amending Basic Decision No. 13335 dated June 8, 2021
The Governor of the Central Bank of Lebanon, pursuant to Articles 70 and 174 of the Monetary and Banking Law, particularly Article [thereof], based on the provisions of Basic Decision No. 13335 dated June 8, 2021, and its amendments regarding exceptional measures for the gradual repayment of foreign currency deposits, based on the decision taken by the Central Council of the Central Bank of Lebanon in its meeting held on January 18, 2023, has decided as follows:
Article One: The text of both Item (1) and Item (2) of Article Four of Basic Decision No. 13335 dated June 8, 2021 is repealed and replaced with the following text: » -1 An amount of USD 400, paid in cash (Banknotes), subject to: "for the account holder" and/or via ATM withdrawal or using bank cards usable in Lebanon and abroad, and/or deposited into a new account (Account Fresh), without the imposition of any direct or indirect commission, fee, or charge on this transaction, and provided that the total amount withdrawable annually from all banks combined under Item (1) does not exceed USD 800, in US Dollars.« » -2 An additional amount equivalent to USD 400 in Lebanese Lira, subject to: at a rate of 15,000 Lebanese Lira per one US Dollar, paid as follows: %50 "for the account holder" in cash (Banknotes) and %50 via bank cards and/or bills for expenses incurred on the "account holder" (fines, fees, and loans granted in Lebanese Lira, plus electricity, water, and fixed telephone bills for the "account holder's" utility company), without the imposition of any direct or indirect commission, fee, or charge on this transaction, and provided that the total amount withdrawable annually from all banks in Lebanese Lira under Item (2) does not exceed USD 800, at the rate stated above.«
Article Two: This Decision shall take effect as of February 1, 2023. Article Three: This Decision shall be published in the Official Gazette.
Beirut, January 20, 2023 Governor of the Central Bank of Lebanon Riad T. Salamé