Regulatory Alerts2023-07-05 | 13562Exceptional measures concerning cash withdrawals from foreign currency bank accounts
The Central Bank of Lebanon, through Intermediary Decision No. 13562 dated July 5, 2023, amends and extends Main Decision No. 13221 to permit Lebanese banks to sell foreign currency cash withdrawals and cash box operations directly to the Central Bank in exchange for Lebanese Lira, subject to client consent. The amended Article One establishes a monthly ceiling of US$15,000 per account for these transactions at an official exchange rate of 1,600 Lebanese Lira per US dollar. The decision extends the validity of these exceptional cash withdrawal measures until December 31, 2023 and takes immediate effect upon publication in the Official Gazette.
Intermediary Circular No. 673
To the Banks
We enclose, in reference to Circular No. 13562 dated 5/7/2023, a copy of Intermediary Decision No. 13221 dated 21/4/2020 (Exceptional measures concerning cash withdrawals from foreign currency bank accounts) attached to the main Circular No. 151. Beirut, on July 5, 2023 Governor of the Central Bank of Lebanon Riad T. Salamé
Intermediary Decision No. 13562 Amendment to the Main Decision No. 13221 dated 21/4/2020
The Governor of the Central Bank of Lebanon, pursuant to the Monetary and Loan Law, particularly Articles 174 and 70 thereof, and pursuant to Main Decision No. 13221 dated 21/4/2020 and its amendments concerning exceptional measures regarding cash withdrawals from foreign currency bank accounts, and pursuant to the decision of the Central Bank Council adopted in its meeting held on 27/6/2023,
hereby decides as follows:
Article One: The text of Article One of Main Decision No. 13221 dated 21/4/2020 is repealed and replaced with the following: "Without prejudice to the definition of cash funds as specified in Article One of Main Decision No. 13548 dated 19/4/2023, banks operating in Lebanon may sell to the Central Bank of Lebanon foreign currencies resulting from withdrawals or cash box operations requested by any client (natural or legal person) from accounts or receivables denominated in US dollars or other foreign currencies, and which are settled, with the consent of the relevant client, in Lebanese Lira. The Central Bank of Lebanon shall require foreign currencies subject to this Article up to a maximum limit of US$ 15,000 per account monthly at an exchange rate of LBP 1,600 for one US dollar."
Article Two: The provisions of Main Decision No. 13221 dated 21/4/2020 are extended until 31/12/2023.
Article Three: This decision takes effect upon its issuance.
Article Four: This decision shall be published in the Official Gazette. Beirut, on July 5, 2023
Governor of the Central Bank of Lebanon
Riad T. Salamé