Exceptional measures concerning cash withdrawals from foreign currency bank accounts

Central Bank Circular No. 596 to Banks

We hereby transmit, in connection with the Interim Decision No. 13368 dated 29/09/2021 concerning the amendment of Basic Decision No. 13221 dated 21/04/2020 (Exceptional measures concerning cash withdrawals from foreign currency bank accounts) attached to Basic Circular No. 151, the following:

Beirut, on September 29, 2021

Governor of the Central Bank of Lebanon Riad Tawfiq Sahme

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Interim Decision No. 13368 Amendment of Basic Decision No. 13221 dated 21/04/2020 (Exceptional measures concerning cash withdrawals from foreign currency bank accounts)

The Governor of the Central Bank of Lebanon, pursuant to the Monetary and Loan Law, specifically Articles 174 and 70 thereof, and pursuant to Basic Decision No. 13221 dated 21/04/2020 concerning exceptional measures regarding cash withdrawals from foreign currency bank accounts, and having established that the current political stability has generally ensured a stable exchange rate for the US dollar, and that fluctuations in parallel market prices do not reflect the true value of the US dollar exchange rate, and seeking to avoid any negative consequences that may arise from any current increase in the country's money supply, and while awaiting the preparation of a comprehensive economic recovery plan and negotiations with the International Monetary Fund, and pursuant to the decision of the Central Council of the Central Bank of Lebanon taken in its meeting held on 29/09/2021,

hereby decides as follows:

Article One: The provisions of Basic Decision No. 13221 dated 21/04/2020 shall remain in force until January 31, 2022.

Article Two: This decision shall take effect upon its issuance.

Article Three: This decision shall be published in the Official Gazette.

Beirut, on September 29, 2021

Governor of the Central Bank of Lebanon Riad Tawfiq Sahme