Central Bank of Lebanon Decision No. 13484 on Documentary Credits

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Circular No. 644

To Banks

We enclose herewith a copy of Decision No. 13484 dated 7/10/2022 concerning the amendment to Decision No. 7144 dated 30/10/1998 regarding Documentary Credits and Letters of Guarantee, attached to Circular No. 52.

Beirut, on 7 October 2022 Governor of the Central Bank of Lebanon Riyad T. Safra

Decision No. 13484

Amendment to Decision No. 7144 dated 30/10/1998

The Governor of the Central Bank of Lebanon, Pursuant to the Monetary and Loan Law, particularly Articles 174 and 70 thereof, And pursuant to Decision No. 7144 dated 30/10/1998 and its amendments regarding Documentary Credits and Letters of Guarantee, And pursuant to the decision taken by the Central Bank Council in its meeting held on 5/10/2022,

Has decided as follows:

Article One: The following text is added to the end of "Repeated Article One" of Decision No. 7144 dated 30/10/1998: «Banks are required, exceptionally, to obtain prior approval from the Central Bank of Lebanon for opening credits or paying invoices allocated exclusively for importing petroleum products (gasoline, diesel, gas), provided that the Foreign Operations Department at the Central Bank of Lebanon is furnished with the final invoice, bill of lading, and unloading report.»

Article Two: This decision shall take effect upon its issuance.

Article Three: This decision shall be published in the Official Gazette.

Beirut, on 7 October 2022 Governor of the Central Bank of Lebanon Riyad T. Safra