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2020-12-09 | 13301

Certificates of Deposit Issued by Banque du Liban, Accounts Held in Foreign Currencies at BDL and Opening of Bank Accounts

Banque du Liban Governor Riad T. Samih issued Interim Decision No. 13301 to extend the validity of key provisions from three foundational BDL decisions until June 30, 2021. The extension specifically covers the opening of foreign currency deposit accounts at BDL, the issuance of bank certificates of deposit by BDL, and the general framework for opening bank accounts. Taking immediate effect upon issuance, this decision amends prior regulatory timelines to maintain current banking operational frameworks without requiring new applications.

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Circular No. 578 To Banks and Financial Institutions

We enclose herewith a copy of Interim Decision No. 13301 dated December 9, 2020, concerning the amendment of:

  • Basic Decision No. 5258 dated September 17, 1993 (Opening of foreign currency deposit accounts at Banque du Liban), attached to Basic Circular No. 14.
  • Basic Decision No. 7534 dated March 2, 2000 (Issuance of bank certificates of deposit by Banque du Liban), attached to Basic Circular No. 67.
  • Basic Decision No. 13100 dated September 3, 2019 (Opening of bank accounts), attached to Basic Circular No. 147.

Beirut, December 9, 2020 Governor of Banque du Liban Riad T. Samih

Interim Decision No. 13301 Amendment of Basic Decision No. 5258 dated September 17, 1993 and Basic Decision No. 7534 dated March 2, 2000 and Basic Decision No. 13100 dated September 3, 2019

The Governor of Banque du Liban, Pursuant to the Monetary and Loan Law, particularly Articles 70, 76, and 174 thereof; Pursuant to Article 19 of Law No. 28/67 dated May 9, 1967 concerning the amendment and completion of banking legislation and establishment of a mixed institution for guaranteeing bank deposits; Pursuant to Basic Decision No. 5258 dated September 17, 1993 and its amendments concerning the opening of foreign currency deposit accounts at Banque du Liban; Pursuant to Basic Decision No. 7534 dated March 2, 2000 and its amendments concerning the issuance of bank certificates of deposit by Banque du Liban; Pursuant to Basic Decision No. 13100 dated September 3, 2019 concerning the opening of bank accounts; Pursuant to the decision taken by the Central Council of Banque du Liban at its meeting held on December 9, 2020;

Decrees the following:

Article One: The application of the following provisions is extended until June 30, 2021:

  • Article Four repeated from Basic Decision No. 5258 dated September 17, 1993, added by Interim Decision No. 13157 dated December 4, 2019.
  • Article Six repeated from Basic Decision No. 7534 dated March 2, 2000, added by Interim Decision No. 13157 dated December 4, 2019.
  • Article Four of Basic Decision No. 13100 dated September 3, 2019, added by Interim Decision No. 13157 dated December 4, 2019 and amended by Interim Decision No. 13195 dated February 13, 2020.

Article Two: This decision takes effect upon its issuance.

Article Three: This decision shall be published in the Official Gazette. Beirut, December 9, 2020 Governor of Banque du Liban Riad T. Samih

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