Electronic “Cash Money” Settlement Operations

Intermediary Circular No. 669 To Banks and Financial Institutions

A copy of Intermediary Decision No. 13555 dated June 7, 2023 relating to Basic Decision No. 13548 dated April 19, 2023 (Electronic “Cash Money” Settlement Operations) as per Basic Circular No. 165.

Beirut, June 7, 2023 Governor of the Central Bank of Lebanon Riad T. Salamah

Intermediary Decision No. 13555 Relating to Basic Decision No. 13548 dated April 19, 2023

The Governor of the Central Bank of Lebanon, pursuant to Articles 70 and 174 thereof, namely the [Central Bank Law], and pursuant to Basic Decision No. 13548 dated April 19, 2023 relating to electronic settlement operations based on the definition of "Electronic Money", and based on its meeting held on May 31, 2023 regarding the decision of the Board of Directors of the Central Bank of Lebanon taken in the following terms:

Article One: Amending Paragraph (4) of "Article Four" of the Basic Decision No. 13548 dated April 19, 2023, with the following text: "In light of the provisions of the preceding paragraphs of Paragraph (4), banks are authorized to issue checks, as an exception, in Lebanese Lira drawn on their current accounts at the Central Bank of Lebanon, dedicated exclusively to paying fees and taxes, including Value Added Tax (VAT) and interest thereon, to the public and government entities (ministries, municipalities, administrations, public institutions and departments...), provided that the value of a single check does not exceed one hundred and ninety billion Lebanese Lira."

Article Two: Replacing "Article Twelve" of the Basic Decision No. 13548 dated April 19, 2023 with the following paragraph: "The duration of trading and exclusive settlement of 'Electronic Money' is extended from the date June 12, 2023."

Article Three: This Decision takes effect upon its issuance. Article Four: This Decision is published in the Official Gazette.

Beirut, June 7, 2023 Governor of the Central Bank of Lebanon Riad T. Salamah