Regulatory Alerts2023-11-03 | 13589Intermediary Decision No. 13589 Amending Basic Decision No. 7776 (Operations Relating to Credit, Investment and Shareholding and Participation)
The Acting Governor of the Central Bank of Lebanon issued Decision No. 13589 to amend Basic Decision No. 7776 regarding credit, investment, shareholding, and participation operations. The amended decision mandates Lebanese banks to comply with Articles 860, 863, and 865 of the Civil Procedures Law by limiting pension garnishments and deductions to statutory ratios, protecting public sector employees' pensions from seizure. Furthermore, it requires banks to reschedule US dollar retail loans so that monthly repayment obligations remain within the legally prescribed limits.
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