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2023-09-11 | 13578

Consolidated Financial Statements and Exchange Operations at the Banks and Financial Institutions

Banque du Liban, through Intermediary Decision No. 13578, suspends the application of Articles 3 and 4 from Intermediary Decision No. 13566, and Article 1 from Intermediary Decision No. 13567, which previously amended Articles 8 and 9 bis of Basic Decision No. 6568, as well as Article 5 of Basic Decision No. 6576. This suspension clarifies the regulatory framework governing exchange operations and consolidated financial statements at Lebanese banks and financial institutions while ongoing discussions with stakeholders continue. The measure takes immediate effect upon issuance and is formally published in the Official Gazette.

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Banque du Liban
BANQUE DU LIBAN

Intermediary Circular No. 677
To Banks and Financial Institutions, and to Supervisory Commissioners

We enclose for your reference a copy of Intermediary Decision No. 13578 dated 11/9/2023 regarding the clarification of the application of certain provisions of:

  • Basic Decision No. 6568 dated 24/4/1997 (Exchange Operations at Banks and Financial Institutions) attached to Basic Circular No. 32.
  • Basic Decision No. 6576 dated 24/4/1997 (Consolidated Financial Statements) attached to Basic Circular No. 34.

Beirut, on July 11, 2023
Governor of Banque du Liban
On behalf

Dr. Wissam Mansouri

Banque du Liban
BANQUE DU LIBAN

Intermediary Decision No. 13578
Clarification of the Application of Certain Provisions of Basic Decisions No. 6568 and No. 6576

The Governor of Banque du Liban on behalf,
pursuant to the Monetary and Banking Law, particularly Articles 70 and 174 thereof,
pursuant to Basic Decision No. 6568 dated 24/4/1997 and its amendments regarding Exchange Operations at Banks and Financial Institutions,
pursuant to Basic Decision No. 6576 dated 24/4/1997 and its amendments regarding Consolidated Financial Statements,
and since Banque du Liban is still in the process of discussing the application of certain provisions of the aforementioned decisions with the concerned parties,
and pursuant to the decision of the Central Council of Banque du Liban convened in its session held on 30/8/2023,

Decides as follows:

Article One: The application of the provisions of each of the following is suspended:

  • Article Three of Intermediary Decision No. 13566 dated 24/7/2023 (Intermediary Circular No. 675) by which "Article 8" of Basic Decision No. 6568 dated 24/4/1997 was amended.
  • Article Four of Intermediary Decision No. 13566 dated 24/7/2023 (Intermediary Circular No. 675) by which "Article 9 bis" was added to Basic Decision No. 6568 dated 24/4/1997.
  • Article One of Intermediary Decision No. 13567 dated 24/7/2023 (Intermediary Circular No. 676) by which "Article 5" of Basic Decision No. 6576 dated 24/4/1997 was amended.

Article Two: This Decision shall take effect upon its issuance.
Article Three: This Decision shall be published in the Official Gazette.

Beirut, on July 11, 2023
Governor of Banque du Liban
On behalf

Dr. Wissam Mansouri

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