Regulatory Alerts2023-01-20 | 13526Exceptional measures concerning cash withdrawals from foreign currency bank accounts
The Central Bank of Lebanon issued Interim Decision No. 13526 to amend Basic Decision No. 13221, requiring Lebanese banks to settle foreign currency cash withdrawals and transactions into Lebanese Lira at a fixed rate of 15,000 LBP per USD. Effective February 1, 2023, and subject to client consent, banks must process these conversions without any upper monthly limit per account. This directive preserves the operational framework of Basic Decision No. 13217 while guaranteeing continuous Lira liquidity for foreign currency account holders.
Interim Circular No. 657 To Banks
Copy of the Interim Decision No. Attached is, dated 2023/1/20, concerning the amendment of the Basic Decision No. 13221 dated 2020/4/21 (Exceptional measures concerning cash withdrawals from foreign currency bank accounts) attached to the Basic Circular No. 151 Beirut, on January 20, 2023 Governor of the Central Bank of Lebanon Riad T. Salam
Interim Decision No. 13526 Amendment of Basic Decision No. 13221 dated 2020/4/21 The Governor of the Central Bank of Lebanon, Based on the Monetary and Banking Law, particularly Articles 70 and 174 thereof, Based on Basic Decision No. 13221 dated 2020/4/21 and its amendments concerning exceptional measures regarding cash withdrawals from foreign currency accounts, Based on the decision of the Central Bank Council taken in its meeting held on January 18, 2023, Decrees as follows:
Article One: The text of the first article of Basic Decision No. 13221 dated 2020/4/21 is repealed and replaced with the following text: "The Central Bank maintains its Basic Decision No. 13217 dated April 9, 2020, and in case no other procedure for cash withdrawals or foreign currency transactions from accounts or receivables due to it in US dollars or other foreign currencies is implemented, banks operating in Lebanon, with the consent of the concerned client, shall proceed to settle what equals their value in Lebanese Lira according to a rate of 15,000 Lebanese Lira for one US Dollar and without an upper limit of 1,600 USD monthly." per account.
As from February 1, 2023: Article Two: This decision shall take effect. Article Three: This decision shall be published in the Official Gazette.