Administrative Operations and Services Carried Out by Banks

Basic Circular No. 160 for Banks Concerning Administrative Operations and Services Carried Out by Banks On October 27, 2021 Governor of the Central Bank of Lebanon Rida Tefifab Salmeh

Basic Decision No. 13371 Carrying Out Administrative Operations and Services by Banks

I, the Governor of the Central Bank of Lebanon, Pursuant to Articles 121 and 174 of the Monetary and Credit Law, And pursuant to Article 2 of Basic Decision No. 50 dated July 15, 1983 regarding "Specialized Banks", And pursuant to Article 3 of Basic Decision No. 575 dated February 11, 2004 regarding the "Establishment of Specialized Banks in Lebanon", And since exceptional circumstances require mobilizing and revitalizing the capacities of banks to develop their activities, fulfill their obligations toward clients and rights holders, And pursuant to a decision of the Central Bank Council dated October 13, 2021, Have decided as follows:

Article 1: The definition of "administrative operations and services" refers to the definitions in the Monetary and Credit Law, the law on "Specialized Banks", and the law on the establishment of Specialized Banks in Lebanon, as applicable to banks operating in Lebanon or their branches. These operations and services are provided for the benefit of any natural or legal person.

Article 2: The bank provides these operations and services to clients based on a separate contract, with mandatory fees for some and other or optional fees for others. The bank must have a profit or non-profit interest in executing them.

Article 3: This decision takes effect from its date of issuance.

Article 4: This decision is published in the Official Gazette.

On October 27, 2021 Governor of the Central Bank of Lebanon Rida Tefifab Salmeh