Regulatory Alerts2023-11-17 | 13593Consolidated Financial Statements and Exchange Operations at Banks and Financial Institutions
The Acting Governor of the Central Bank of Lebanon issued Decision No. 13593 to clarify and amend the application mechanisms of Basic Decisions No. 6568 and 6576 regarding exchange operations and consolidated financial statements at banks and financial institutions. The decision establishes revised ceilings for net trading, open, and total FX positions, mandating that institutions exceeding these limits deposit special reserves in Lebanese Lira or US Dollars calculated at three times the excess rate. It sets phased compliance deadlines through 2024 and 2025 for liquidating long and short FX position excesses, repeals prior fixed approvals, and grants the Central Council authority to review exceptions before deadlines expire.
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