Regulatory Alerts2023-09-15 | 13580Exceptional measures for the gradual withdrawal of deposits in foreign currencies
The Central Bank of Lebanon, acting through its Acting Governor Dr. Wissam Mansouri, issued Circular Decision No. 13580 to amend Basic Decision No. 13335 and establish tiered USD withdrawal limits for foreign currency deposits. The revised framework grants pre-July 2023 beneficiaries a $400 monthly and annual cap, while post-eligibility customers receive a $300 monthly and annual cap, with withdrawals permitted in cash, via foreign transfer, or through domestic/international bank cards and new "Account Fresh" accounts free of direct or indirect fees. These measures take full effect as of July 1, 2023, and the decision becomes operative immediately upon issuance.
Circular No. 678
To the Banks
We address you regarding Decision No. 13580 dated 15/9/2023 concerning 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.
Beirut, on 15 September 2023
Acting Governor of the Central Bank of Lebanon
Dr. Wissam Mansouri
Circular Decision No. 13580
Amendment of Basic Decision No. 13335 dated 8/6/2021
The Governor of the Central Bank of Lebanon, pursuant to the Monetary and Loan Law, particularly Articles 174 and 70 thereof, pursuant to the provisions of Basic Decision No. 13335 dated 8/6/2021 and its amendments concerning exceptional measures for the gradual repayment of foreign currency deposits, and pursuant to the decision of the Central Council of the Central Bank of Lebanon taken in its meeting held on 15/9/2023,
has decided as follows:
Article One: The introductory text of the first paragraph of Article Four of Basic Decision No. 13335 dated 8/6/2021, and paragraphs (1) and (2) of the said paragraph, are repealed and replaced by the following text: "Firstly: Withdrawals from 'Special Sub-accounts' opened shall be made as follows:
- Regarding beneficiaries of the provisions of this decision prior to 1/7/2023:
- $400 per month, paid in cash ("Banknotes") to the account holder and/or transferred abroad and/or via bank cards that can be used in Lebanon and abroad and/or deposited into a new account ("Account Fresh"), without any direct or indirect commission or expense of any kind being charged on this process, and the total amount that can be withdrawn annually under paragraph (1) shall not exceed $400 from all banks in US dollars.
- Regarding customers who did not benefit from the provisions of this decision prior to 1/7/2023:
- $300 per month, paid in cash ("Banknotes") to the account holder and/or transferred abroad and/or via bank cards that can be used in Lebanon and abroad and/or deposited into a new account ("Account Fresh"), without any direct or indirect commission or expense of any kind being charged on this process, and the total amount that can be withdrawn annually under paragraph (2) shall not exceed $300 from all banks in US dollars." ../..
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Article Two: The full provisions of this decision shall apply as of 1/7/2023, and it takes effect upon its issuance.
Article Three: This decision shall be published in the Official Gazette.
Beirut, on 15 September 2023
Acting Governor of the Central Bank of Lebanon
Dr. Wissam Mansouri