Regulatory Alerts2023-02-06 | 13532Exceptional Restrictions Relating to Some Banking Operations
The Central Bank of Lebanon issued Intermediary Decision No. 13532 to amend Basic Decision No. 13353, expanding exceptional restrictions on banking operations during the country's extraordinary economic circumstances. The decision modifies existing provisions to permit banks to directly or indirectly buy and sell checks and bank accounts in foreign currencies or Lebanese Lira, while introducing a new provision allowing the issuance of bank checks in another bank's name unless specifically endorsed to a beneficiary. Furthermore, it mandates that banks assume full responsibility for ensuring Lebanese Lira bank and certified checks are issued for legitimate purposes, such as tax or judicial fee payments, to prevent domestic currency speculation.