Certificates of Deposit Issued by Banque du Liban, Accounts Held in Foreign Currencies at BDL and Opening of Bank Accounts

Circular No. 558 ———————————————————

To Banks and Financial Institutions

We enclose for your reference a copy of Circular Decision No. 13230 dated June 1, 2020, concerning the amendment of:

• Basic Decision No. 5258 dated September 17, 1993 (Opening of Foreign Currency Deposit Accounts at Banque du Liban) attached to Basic Circular No. 14.
• Basic Decision No. 7534 dated March 2, 2000 (Issuance of Bank Certificates of Deposit by Banque du Liban) attached to Basic Circular No. 67.
• Basic Decision No. 13100 dated September 3, 2019 (Opening of Bank Accounts) attached to Basic Circular No. 147.

Beirut, June 1, 2020

Governor of Banque du Liban

Riad T. Safieh

Circular Decision No. 13230 ——————————————————————— Amendment of Basic Decision No. 5258 dated September 17, 1993 and Basic Decision No. 7534 dated March 2, 2000 and Basic Decision No. 13100 dated September 3, 2019

That the Governor of Banque du Liban, pursuant to the Monetary and Loan Law, particularly Articles 70, 76, and 174 thereof, and pursuant to Article 19 of Law No. 28/67 dated May 9, 1967 concerning the amendment and completion of banking legislation and the establishment of a mixed institution to guarantee bank deposits, and pursuant to Basic Decision No. 5258 dated September 17, 1993 and its amendments concerning the opening of foreign currency deposit accounts at Banque du Liban, and pursuant to Basic Decision No. 7534 dated March 2, 2000 and its amendments concerning the issuance of bank certificates of deposit by Banque du Liban, and pursuant to Basic Decision No. 13100 dated September 3, 2019 concerning the opening of bank accounts, taking into account the public interest in the current exceptional circumstances through which the country is currently passing, the interest of depositors in not having their bank deposits diminished, and the principle of continuity and based on the powers vested in the Governor to ensure the operation of Banque du Liban as a public service,

decides the following:

Article One: The provisions of each of the following shall remain in effect until December 31, 2020:

• Article 4 bis of Basic Decision No. 5258 dated September 17, 1993, added by Circular Decision No. 13157 dated December 4, 2019.
• Article 6 bis of Basic Decision No. 7534 dated March 2, 2000, added by Circular Decision No. 13157 dated December 4, 2019.
• Article 4 of Basic Decision No. 13100 dated September 3, 2019, added by Circular Decision No. 13157 dated December 4, 2019 and amended by Circular Decision No. 13195 dated February 13, 2020.

Article Two: This decision shall take effect upon its issuance.

Article Three: This decision shall be published in the Official Gazette. Beirut, June 1, 2020

Governor of Banque du Liban

Riad T. Safieh