Regulatory Alerts2024-11-26 | 13681Exceptional Measures for the Repayment of Foreign Currency Deposits Constituted before the 30th of June 2023
The Acting Governor of the Central Bank of Lebanon issued Decision No. 13681 to amend Basic Decision No. 13611, establishing exceptional repayment measures for foreign currency deposits constituted before June 30, 2023. The decision modifies eligibility criteria by excluding clients who simultaneously benefit from Basic Decision No. 13335, adjusts the annual withdrawal cap to $2,400 through June 30, 2025, and introduces three additional exceptional withdrawals in November, December 2024, and January 2024 based on specific bank secrecy lifting deadlines. Furthermore, it clarifies account holder balance top-up mechanisms, declaration procedures for the Central Service for Derivative Special Accounts, and updates related forms to streamline the settlement process.
Circular No. 718 for Banks
We hereby attach a copy of Central Bank Decision No. 13681 dated 2024/11/26 concerning the amendment of Basic Decision No. 13611 dated 2024/2/2 (Exceptional Measures for the Repayment of Deposits Constituted before 2023/6/30 in Foreign Currencies) attached to Basic Circular No. 158.
Beirut, on November 26, 2024
Governor of the Central Bank of Lebanon (Acting) Dr. Wissam Mansoury
Central Bank Decision No. 13681 Amending Basic Decision No. 13611 dated 2024/2/2
The Governor of the Central Bank of Lebanon, pursuant to the Monetary and Loan Law, particularly Articles 70 and 174 thereof, and pursuant to Basic Decision No. 13611 dated 2024/2/2 and its amendments concerning exceptional measures for the repayment of deposits constituted before 2023/6/30 in foreign currencies, and pursuant to the decision of the Central Council of the Central Bank taken in its meeting held on 2024/11/26,
decides the following:
Article 1: The text of Article 3 of Basic Decision No. 13611 dated 2024/2/2 is repealed and replaced with the following text: « A client does not benefit from the provisions of this decision regarding any accounts held by him individually, jointly, or in association throughout the duration of his benefit from the provisions of Basic Decision No. 13335 dated 2021/6/8 (Basic Circular No. 158) in any of the banks. In the event that one of the partners in a joint account benefits from the provisions of this decision, his partner cannot benefit from the provisions of Basic Decision No. 13335 dated 2021/6/8 (Basic Circular No. 158) regarding this joint account, but he may benefit from the decision Basic No. 13335 mentioned regarding his other accounts if he is not simultaneously benefiting from the provisions of this current decision. »
Article 2: The text of paragraph (3) of Section "First" of Article 5 of Basic Decision No. 13611 dated 2024/2/2 is repealed and replaced with the following text: « -3. Exceptionally, two withdrawals are made during the month of November 2024 and one withdrawal during the month of December 2024, and one payment during the month of January 2024, in addition to the monthly payments according to the following mechanism and conditions: a - The provisions of this paragraph apply to persons who submitted requests for lifting bank secrecy in order to benefit from the provisions of this decision:
- before 2024/9/25 regarding the two additional payments during November 2024.
- before 2024/11/1 regarding the additional payment during December 2024.
- before 2024/11/26 regarding the additional payment during January 2024. b - The annual withdrawal cap from all banks during the current cycle ending on 2025/6/30 is amended to become $2,400. c - The "account holder", who does not have sufficient funds in the "derivative special account" belonging to him, may request an increase in the balance of this account by an additional amount, within the cap that the client may benefit from under this decision until the end of its application period, such that the remaining amounts of the additional payments are paid when available. d - The additional payments are declared to the "Central Service for Derivative Special Accounts" in the status of the month in which the actual payment is made.»
Article 3: To Section "Fourth" of Article 6 of Basic Decision No. 13611 dated 2024/2/2, the following paragraph (3) is added: « -3. In the event that he benefits from the provisions of this decision and the provisions of Basic Decision No. 13335 dated 2021/6/8 (Basic Circular No. 158) from any bank, he was at the same time for the purpose of settling his status.»
Article 4: The text of paragraph (6) of Form No. (2) attached to Basic Decision No. 13611 dated 2024/2/2 is repealed and replaced with the following text: « -6. Persons who benefit from the provisions of Basic Decision No. 13335 dated 2021/6/8 (Basic Circular No. 158) from any bank, he was at the same time.»
Article 5: This decision takes effect upon its issuance.
Article 6: This decision is published in the Official Gazette.
Beirut, on November 26, 2024
Governor of the Central Bank of Lebanon (Acting) Dr. Wissam Mansoury