Regulatory Alerts2020-06-25 | 13239Exceptional Measures Concerning Cash Withdrawals from Small Accounts
The Governor of the Central Bank of Lebanon issued Decision No. 13239 to amend Decision No. 13215 regarding exceptional cash withdrawal limits for small bank accounts. The amendment explicitly includes housing loan accounts that are frozen under the Housing Protocols and benefit from reduced mandatory reserves in the calculation of total credited balances. Furthermore, the decision extends the validity period of these exceptional withdrawal measures until October 3, 2020, taking immediate effect upon issuance.
Central Bank Circular No. 563 To Banks
We enclose for your reference Circular No. 13239 dated 25/6/2020 regarding the amendment of Decision No. 13215 dated 3/4/2020 (Exceptional measures concerning cash withdrawals from small accounts at banks) attached to Circular No. 148.
Beirut, June 25, 2020 Governor of the Central Bank of Lebanon Riad T. Salam
Central Bank Decision No. 13239 Amendment to Decision No. 13215 dated 3/4/2020 (Exceptional measures concerning cash withdrawals from small accounts at banks)
The Governor of the Central Bank of Lebanon, pursuant to the Monetary and Loan Law, specifically Articles 174 and 70 thereof, based on Decision No. 13215 dated 3/4/2020 and its amendment regarding exceptional measures concerning cash withdrawals from small accounts at banks following interpretations submitted by banks regarding the details of implementing its provisions, and based on the decision of the Central Council of the Central Bank taken in its meeting held on 24/6/2020, decides as follows:
Article 1: The following is added to paragraph (a) of item (4) of Article 2 of Decision No. 13215 dated 3/4/2020: "Accounts opened in the customer's name representing the frozen portion of the housing loan granted to him according to the conditions of the Housing Protocols benefiting from the reduction of mandatory reserves and exempted from the provisions of Decision No. 6116 dated 7/3/1996 are included in the calculation of the total credited balances of the customer's accounts."
Article 2: The implementation of Decision No. 13215 dated 3/4/2020 is extended until 3/10/2020.
Article 3: This decision takes effect upon issuance.
Article 4: This decision is published in the Official Gazette.
Beirut, June 25, 2020 Governor of the Central Bank of Lebanon Riad T. Salam