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.
Circular No. 483
For Banks and Financial Institutions
We enclose for you Reference No. 12748 dated 11/1/2018 regarding the amendment of the Basic Decision No. 6116 dated 7/3/1996 (Facilities that the Central Bank of Lebanon may grant to banks and financial institutions) attached to Basic Circular No. 23.
Beirut, on January 11, 2018
Governor of the Central Bank of Lebanon
Riad T. Salam
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