Regulatory Alerts2021-08-17 | 13353Exceptional Restrictions on Some Operations Performed by Banks
Banque du Liban issued Basic Decision No. 13353 to restrict Lebanese banks from crediting foreign currency funds and cash at values exceeding their actual worth, while mandating that all foreign currency purchases, sales, and certified checks adhere to approved market rates with a maximum 1% margin. The decision requires banks to declare the total value of these affected operations, conducted since 2019, to the Banking Control Commission by September 15, 2021. Enacted under the Monetary and Credit Law, it takes immediate effect to curb currency speculation and stabilize market practices.
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