Regulatory Alerts2018-01-11 | 12748Central Bank of Lebanon Circular No. 483: Amendment of Decision No. 6116 Regarding Financial Facilities to Banks and Financial Institutions
The Central Bank of Lebanon issued Circular No. 483 to amend Decision No. 6116, establishing new procedures for banks to access financing facilities for residential and non-residential loans. The regulation mandates weekly and fifteen-day submission of withdrawal schedules, imposes a 15% penalty for unauthorized withdrawals, and restricts the sale of mortgaged residential units for seven years. Additionally, banks are required to verify that financed properties are used for their intended purpose and provide detailed beneficiary lists by April 15, 2018.
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