Regulatory Alerts2024-02-02 | 13614Exceptional measures for the gradual withdrawal of deposits in foreign currencies
The Acting Governor of the Central Bank of Lebanon issued Intermediary Decision No 13614 to amend Basic Decision No 13335 regarding the gradual withdrawal of foreign currency deposits. The amendment stipulates that once an account holder benefits from this Decision, they are automatically excluded from simultaneously benefiting under Basic Decision No 13611 for any of their accounts, whether held individually, jointly, or in association with a bank. The Decision takes immediate effect upon issuance and is formally published in the Official Gazette following consultation with the Lebanese Banks Association.
Intermediary Circular No 687
To the Banks
We enclose, in connection with Intermediary Decision No 13614 dated 2/2/2024 regarding the amendment of Basic Decision No 13335 dated 8/6/2021 (Exceptional measures for the gradual withdrawal of deposits in foreign currencies) attached to Basic Circular No 158, a copy thereof.
Beirut, 2 February 2024
Acting Governor of the Central Bank of Lebanon Dr. Wasim Mansouri
Intermediary Decision No 13614 Amendment of Basic Decision No 13335 dated 8/6/2021
The Acting Governor of the Central Bank of Lebanon, pursuant to the Monetary and Banking Law, particularly Articles 70 and 174 thereof, based on the provisions of Basic Decision No 13335 dated 8/6/2021 and its amendments regarding exceptional measures for the gradual repayment of foreign currency deposits, after consulting the Lebanese Banks Association, and based on a decision by the Central Bank Council taken in its meeting held on 2/2/2024,
decides as follows:
Article One: The text of the third paragraph of Article Two of Basic Decision No 13335 dated 8/6/2021 is repealed and replaced with the following: "Thirdly: The 'account holder' shall not benefit from the provisions of Basic Decision No 13611 dated 2/2/2024 (Basic Circular No 166) regarding any of his accounts individually, jointly, or in association with any bank, once he has benefited from the provisions of this Decision."
Article Two: This Decision shall take effect upon its issuance.
Article Three: This Decision shall be published in the Official Gazette.
Beirut, 2 February 2024
Acting Governor of the Central Bank of Lebanon Dr. Wasim Mansouri