Regulatory Alerts2021-08-05 | 13352Exceptional measures for the gradual withdrawal of deposits in foreign currencies
Banque du Liban issued Intermediary Decision No. 13352 to amend Basic Decision No. 13335, establishing revised exceptional measures for the gradual repayment of foreign currency deposits held in accounts opened before October 31, 2019. The amendment clarifies balance calculation methodologies, mandates the deduction of frozen collateral, contingent liabilities, and post-cutoff transfers, and sets specific withdrawal limits and prorata distribution rules for joint accounts. It also introduces a dedicated Special Sub-Account mechanism, grants a September 30, 2021 deadline for account opening, prohibits banks from imposing unauthorized conditions, and establishes a formal complaint resolution unit under Basic Circular No. 134.
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