Regulatory Alerts2022-07-19 | 13457Central Bank of Lebanon Circular No. 629 on the Electronic Settlement System for Credit, Debit and Charge Cards Issued in Lebanon and Used Locally at POS Terminals
Banque du Liban issued Circular Decision No. 13457 to amend the electronic settlement system for locally issued credit, debit and charge cards used at POS terminals. The decision mandates that all POS transactions be settled in Lebanese Lira through a newly established system at the Central Bank, replacing previous US-dollar settlement mechanisms for Visa and Mastercard. It further requires card companies to open Lira-denominated accounts, maintain frozen guarantee balances, submit electronic payment messages directly or via an appointed institution, and ensure accurate monthly statements and standardized fee structures for cardholders.
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