Regulatory Alerts2024-12-24 | 13684Exceptional Measures for the Repayment of Foreign Currency Deposits Constituted before 30 June 2023
Banque Liban (Central Bank of Lebanon) issued Interim Decision No. 13684 amending Base Decision No. 13611 to extend exceptional foreign currency deposit repayment measures for accounts constituted before June 30, 2023. The amended Clause 3 mandates two additional withdrawals in October 2024 and one payment each in November 2024, December 2024, and February 2025, subject to specific submission deadlines ranging from September to December 2024. It also raises the annual withdrawal cap across all banks to USD 2,550 for the current cycle ending June 30, 2025, while allowing account holders with insufficient special sub-account balances to request balance increases and defer remaining additional payments until funds become available.
INTERIM CIRCULAR NO. 721 TO BANKS
WE HEREBY INFORM YOU OF A COPIED LINK TO INTERIM DECISION NO. 13684 DATED 2024/12/24, CONCERNING THE AMENDMENT TO BASE DECISION NO. 13611 DATED 2024/2/2 (EXCEPTIONAL MEASURES FOR THE REPAYMENT OF FOREIGN CURRENCY DEPOSITS CONSTITUTED BEFORE 2023/6/30), ATTACHED TO BASE CIRCULAR NO. 166.
BEIRUT, ON 24 JANUARY 2024
GOVERNOR OF BANQUE LIBAN (BY DEPUTATION) DR. WASIM MANSOURI
INTERIM DECISION NO. 13684 AMENDMENT TO BASE DECISION NO. 13611 DATED 2024/2/2
THE GOVERNOR OF BANQUE LIBAN, PURSUANT TO THE MONETARY AND EXCHANGE LAW, PARTICULARLY ARTICLES 70 AND 174 THEREOF, PURSUANT TO BASE DECISION NO. 13611 DATED 2024/2/2 AND ITS AMENDMENTS, CONCERNING EXCEPTIONAL MEASURES FOR THE REPAYMENT OF FOREIGN CURRENCY DEPOSITS CONSTITUTED BEFORE 2023/6/30, PURSUANT TO THE DECISION OF THE CENTRAL COUNCIL OF BANQUE LIBAN TAKEN IN ITS MEETING HELD ON 2024/12/24,
HEREBY DECIDES THE FOLLOWING:
ARTICLE ONE: The text of Clause (3) from Section "First" of Article Five of Base Decision No. 13611 DATED 2024/2/2 is hereby repealed and replaced with the following text: « -3 Exceptionally, two withdrawals shall be made during the month of October 2024 and one payment shall be made during each of the months of November 2024, December 2024, and February 2025, in addition to the monthly payments according to the following mechanism and conditions: a - The provisions of this clause apply to persons who submitted bank withdrawal requests without benefiting from the provisions of this Decision:
- Before 2024/9/25 regarding the two additional payments during October 2024.
- Before 2024/11/1 regarding the additional payment during November 2024.
- Before 2024/11/26 regarding the additional payment during December 2024.
- Before 2024/12/24 regarding the additional payment during February 2025. b - The annual withdrawal cap from all banks during the current cycle ending on 2025/6/30 is amended to become USD 2,550. c - The "account holder", who does not have a sufficient amount in their "special sub-account" to benefit from the provisions of Clause (3), may request an increase in the balance of this account by an additional amount, within the cap that enables the customer to benefit from this Decision until the end of its application period, such that the remaining amounts of the additional payments are paid when available. d - The "Central Office for Special Sub-accounts" declares the additional payments in the status of the month in which actual payment occurs.»
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ARTICLE TWO: This Decision shall take effect immediately upon its issuance. ARTICLE THREE: This Decision shall be published in the Official Gazette.
BEIRUT, ON 24 JANUARY 2024 GOVERNOR OF BANQUE LIBAN (BY DEPUTATION)
DR. WASIM MANSOURI