Central Decision No. 13255 Amending Central Decision No. 7548 on Electronic Financial and Banking Operations

Circular No. 566 ———————————————————

For Banks, Financial Institutions, and Institutions Engaged in Electronic Financial and Banking Operations

We enclose a copy of Central Decision No. 13255 dated 6/8/2020 regarding the amendment of Central Decision No. 7548 dated 30/3/2000 (Electronic Financial and Banking Operations) attached to Circular No. 69.

Beirut, 6 August 2020 Governor of the Central Bank of Lebanon

Riad T. Salam

——————————————————————————— Central Decision No. 13255 Amendment of Central Decision No. 7548 dated 30/3/2000 Regarding Electronic Financial and Banking Operations

The Governor of the Central Bank of Lebanon, Pursuant to the Monetary and Loan Law, particularly Article 70 thereof, And pursuant to Law No. 133 dated 26/10/1999 concerning the functions of the Central Bank, And pursuant to Central Decision No. 7548 dated 30/3/2000 and its amendments concerning electronic financial and banking operations, And pursuant to the decision of the Central Council of the Central Bank taken in its meeting held on 6/8/2020,

Decrees as follows:

Article One: The text of "Article 7 bis" of Central Decision No. 7548 dated 30/3/2000 is repealed and replaced with the following text: « For all non-bank institutions performing electronic cash transfer operations:

• They shall settle the value of any electronic cash transfer in foreign currency received from abroad in US Dollars.
• They shall clearly and explicitly inform the client regarding the commissions and fees deducted for each transfer. »

Article Two: This decision takes effect upon its issuance.

Article Three: This decision is published in the Official Gazette.

Beirut, 6 August 2020 Governor of the Central Bank of Lebanon

Riad T. Salam