The Monetary Reserve Requirement and Minimum Special Reserve and Required Investments of Islamic Banks

Circular No. 590 For Banks

We enclose herewith a copy of Circular Decision No. 13342 dated 28/6/2021 concerning the amendment of Basic Decision No. 9763 dated 9/11/2007 (Monetary Reserve Requirement and Minimum Special Reserve for Islamic Banks and their Required Investments) attached to Basic Circular No. 113.

Beirut, on June 28, 2021 Governor of Bank Al-Maghrib (Central Bank of Lebanon)

Riad T. Safieh

Circular Decision No. 13342 Amendment of Basic Decision No. 9763 dated 9/11/2007

The Governor of Bank Al-Maghrib (Central Bank of Lebanon), based on the Monetary and Credit Law, particularly Articles 70 and 174 thereof, based on Basic Decision No. 9763 dated 9/11/2007 and its amendments concerning the monetary reserve requirement and the minimum special reserve for Islamic banks and their required investments, based on the decision of the Central Council of Bank Al-Maghrib taken in its meeting held on 23/6/2021,

hereby decides the following:

Article One: The percentage specified in Article Five of Basic Decision No. 9763 dated 9/11/2007 is reduced by 1%, so that it becomes 14%.

Article Two: This shall take effect upon its issuance.

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

Beirut, on June 28, 2021 Governor of Bank Al-Maghrib (Central Bank of Lebanon)

Riad T. Safieh