Central Bank of Lebanon Circular No. 514: Amendment of Decision No. 7548 on Electronic Banking and Financial Operations

Circular No. 514

For Banks, Financial Institutions, and Institutions Engaging in Financial and Banking Operations via Electronic Means

We enclose a copy of Decision No. 12978 dated 14/1/2019 concerning the amendment of Decision No. 7548 dated 30/3/2000 (Financial and Banking Operations via Electronic Means) attached to Circular No. 69.

Beirut, January 14, 2019

Governor of the Central Bank of Lebanon

Riad T. Safadi

Decision No. 12978

Amendment of Decision No. 7548 dated 30/3/2000 Concerning Financial and Banking Operations via Electronic Means

The Governor of the Central Bank of Lebanon, Pursuant to the Monetary and Loan Law, particularly Article 70 thereof, Pursuant to Law No. 133 dated 26/10/1999 concerning the tasks of the Central Bank of Lebanon, And pursuant to Decision No. 7548 dated 30/3/2000 and its amendments concerning Financial and Banking Operations via Electronic Means, And pursuant to the decision taken by the Central Bank Council in its meeting held on 9/1/2019,

Decides as follows:

Article One: "Article 7 bis" is added to Decision No. 7548 dated 30/3/2000, with the following text:

« Article 7 bis: All non-banking institutions performing electronic money transfers must settle the value of electronic money transfers received from abroad exclusively in Lebanese Lira. »

Article Two: This Decision shall take effect immediately upon its issuance.

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

Beirut, January 14, 2019

Governor of the Central Bank of Lebanon

Riad T. Safadi