Regulatory Alerts2022-10-07 | 13483Facilities that may be granted by BDL to banks and financial institutions
Issued by the Governor of Banque du Liban on October 7, 2022, Circular No. 643 amends Basic Decision No. 6,116 to expand foreign currency facilities for banks and financial institutions importing wheat, medicines, medical supplies, infant formula, and related materials. The amended decision mandates that banks secure foreign currency based on designated invoices, ensure document validity under full responsibility, and require clients to settle coverage ratios in Lebanese Lira cash at fixed exchange rates. Furthermore, it establishes a mandatory high-level banking secrecy waiver process, requiring banks to collect signed client declarations authorizing the disclosure and publication of import-related data to Banque du Liban, its affiliates, and concerned banks.