Regulatory Alerts2022-11-28 | 13505Exceptional Measures for Cash Withdrawals
The Governor of the Central Bank of Lebanon issued Intermediary Decision No. 13505 to amend Article Four of Basic Decision No. 13384, extending the validity period of exceptional cash withdrawal measures until December 31, 2022. Approved by the Central Bank Council on November 23, 2022, this decision replaces the original expiration clause with a renewable timeframe that takes immediate effect upon issuance. Financial institutions must apply these updated withdrawal conditions in strict compliance with Articles 174 and 70 of the Monetary and Loan Law.
Intermediary Circular No. 652
To Banks
Ref: Intermediary Decision No. 13505 dated 28/11/2022 regarding the amendment of the Basic Decision
We hereby submit to you a copy of Intermediary Decision No. 13384 dated 16/12/2021 (Exceptional measures for cash withdrawals) attached to Basic Circular No. 161.
Beirut, on 28 November 2022
Governor of the Central Bank of Lebanon
Riad T. Salameh
Intermediary Decision No. 13505 Amendment of Basic Decision No. 13384 dated 16/12/2021
The Governor of the Central Bank of Lebanon, pursuant to the Monetary and Loan Law, particularly Articles 174 and 70 thereof, pursuant to Basic Decision No. 13384 dated 16/12/2021 and its amendments concerning exceptional measures for cash withdrawals, and pursuant to the decision of the Central Bank Council taken in its meeting held on 23/11/2022, decrees the following:
Article One: The text of Article Four of Basic Decision No. 13384 dated 16/12/2021 is repealed and replaced with the following: "This decision takes effect upon its issuance and its conditions apply for a period ending on 31/12/2022, subject to renewal."
Article Two: This decision takes effect upon its issuance.
Article Three: This decision is published in the Official Gazette.
Beirut, on 28 November 2022
Governor of the Central Bank of Lebanon
Riad T. Salameh