Regulatory Alerts2021-05-10 | 13326Electronic Platform for Exchange Operations
The Governor of the Central Bank of Lebanon issued Intermediary Decision No. 13326 to amend Basic Decision No. 13236 regarding the 'Sayrafa' electronic platform for foreign exchange operations. The decision mandates that registered exchange companies buy and sell foreign currency based on market supply and demand, capping the margin between buying and selling prices or any customary premiums at a maximum of 1% of the purchase price. Furthermore, it establishes operational guidelines for platform participants, including access to a user manual and a dedicated support hotline, with immediate effect upon issuance.
Intermediary Circular No. 583 for Exchange Offices
Intermediary Decision No. 13326 dated 10/5/2021 concerning the amendment of Basic Decision No. 13236 dated 10/6/2020 concerning the Electronic Platform for Exchange Operations attached to Intermediary Circular No. 5 for Exchange Offices.
Beirut, on May 10, 2021
Governor of the Central Bank of Lebanon
Riad T. Safieh
Intermediary Decision No. 13326 Amending Basic Decision No. 13236 dated 10/6/2020
The Governor of the Central Bank of Lebanon, based on the Monetary and Loan Law, particularly Article 70 thereof, and based on Law No. 347 dated 6/8/2001 concerning the regulation of the exchange profession in Lebanon, particularly Articles 13, 16, 18, 19 and 20 thereof, and based on Basic Decision No. 13236 dated 10/6/2020 concerning the Electronic Platform for Exchange Operations, and based on the decision of the Central Council of the Central Bank of Lebanon taken in its meeting held on 28/4/2021,
hereby decides the following:
Article One: The text of Article Two of Basic Decision No. 13236 dated 10/6/2020 is repealed and replaced with the following text: « Exchange companies registered with the Central Bank of Lebanon shall buy and sell foreign currency according to supply and demand in the market, provided that no excessive margin between the buying and selling prices or any type of premium exceeding customary practices shall, in all cases, not exceed a maximum rate of 1% of the buying price. »
Article Two: The following text is added to Basic Decision No. 13236 dated 10/6/2020 as "Article Two Repeated": « Article Two Repeated: Exchange institutions participating in the Platform may download the user manual for the "Sayrafa" program to clarify or inquire about operation methods, as well as contact the phone number (78-980839) to obtain further information. »
Article Three: This decision shall take effect upon its issuance.
Article Four: This decision shall be published in the Official Gazette. Beirut, on May 10, 2021
Governor of the Central Bank of Lebanon
Riad T. Safieh