Exceptional Restrictions Relating to Some Banking Operations

Intermediary Circular No. 671

To the Banks under the supervision of the Central Bank

A copy of Intermediary Decision No. 13557 dated June 20, 2023 regarding the amendment of Basic Decision No. 13353 dated August 17, 2021 (Exceptional restrictions relating to some banking operations) attached to Basic Circular No. 159.

Beirut, June 20, 2023

Governor of the Central Bank of Lebanon

Riad T. Salamé

Intermediary Decision No. 13557

Amending Basic Decision No. 13353 dated August 17, 2021

The Governor of the Central Bank of Lebanon, Based on the Monetary and Loan Law, specifically Articles 17 and 70 thereof, Based on Basic Decision No. 13353 dated August 17, 2021 and its amendments regarding exceptional restrictions on certain operations performed by banks, Based on the Central Bank Council's decision taken in its meeting held on June 14, 2023,

Hereby decides the following:

Article One: The text of the paragraph "Secondly, Basic Decision No. 13353 from Article One dated August 17, 2021" is repealed.

Article Two: The text of paragraph (3) of Article Two of Basic Decision No. 13353 dated August 17, 2021 is repealed and replaced with the following: 3- "Foreign currency trading, other than 'new funds', with their clients is not in accordance with the exchange rate adopted by the Central Bank of Lebanon in its transactions with banks."

Article Three: This decision takes effect upon its issuance.

Article Four: This decision is published in the Official Gazette.

Beirut, June 20, 2023

Governor of the Central Bank of Lebanon

Riad T. Salamé