Regulatory Alerts2021-12-09 | 13377Exceptional measures concerning cash withdrawals from foreign currency bank accounts
The Central Bank of Lebanon issued Intermediary Decision No. 13377 to amend Basic Decision No. 13221, mandating an exceptional cash withdrawal mechanism for foreign currency accounts at a fixed rate of 8,000 Lebanese Lira per US Dollar. The framework allows customers to withdraw up to a 3,000 USD ceiling per account for non-trading operations, subject to mutual consent between the bank and the account holder. Additionally, the decision repeals designated prior provisions and extends the effective period of the amended measures until June 30, 2022.
Central Bank Circular No. 601 For Banks
Copy of the Intermediary Decision No. 13377 dated 2021/12/9 concerning the amendment of Basic Decision No. 13221 dated 2020/4/21 (Exceptional measures concerning cash withdrawals from foreign currency bank accounts) attached to Basic Circular No. 151 Beirut, on December 9, 2021 Governor of the Central Bank of Lebanon Riad T. Salamé
Intermediary Decision No. 13377 Amendment of Basic Decision No. 13221 dated 2020/4/21
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. 13221 dated 2020/4/21 concerning exceptional measures regarding cash withdrawals from foreign currency accounts, and pursuant to the decision of the Central Council of the Central Bank of Lebanon taken in its meeting held on 2021/12/8, hereby decides as follows:
Article One: The text of the first article of Basic Decision No. 13221 dated 2020/4/21 is repealed and replaced with the following text: » The scope of application of the first article of Basic Decision No. 13221 dated 2020/4/9 concerns accounts in case the customer intends to make cash withdrawals for non-trading operations from balances normally held in US Dollars or other foreign currencies. It is incumbent on banks operating in Lebanon, with the consent of the concerned customer, to settle the aforementioned at a price/value in Lebanese Lira according to 8,000 Lira per one US Dollar, guaranteed by a ceiling of 3,000 USD per account. «
Article Two: The text of the fourth article of Basic Decision No. 13221 dated 2020/4/21 is repealed.
Article Three: The application of the provisions of Basic Decision No. 13221 dated 2020/4/21 is extended until 2022/6/30.
Article Four: This decision takes effect upon its issuance.
Article Five: This decision is published in the Official Gazette.
Beirut, on December 9, 2021 Governor of the Central Bank of Lebanon Riad T. Salamé