Exceptional Measures Concerning Cash Withdrawals from Foreign Currency Bank Accounts

Circular No. 636

To Banks

We refer you to Circular No. 13464 dated July 27, 2022 concerning the amendment of a copy of Central Board Decision No. 13221 dated April 21, 2020 concerning exceptional measures regarding cash withdrawals from foreign currency accounts attached to Circular No. 151.

Beirut, July 27, 2022

Governor of the Central Bank of Lebanon

Riad T. Safre

Central Board Decision No. 13464 Amendment of Central Board Decision No. 13221 dated April 21, 2020 (Exceptional measures regarding cash withdrawals from foreign currency accounts)

The Governor of the Central Bank of Lebanon, pursuant to the Monetary and Banking Law, particularly Articles 17 and 70 thereof, based on Central Board Decision No. 13221 dated April 21, 2020, and its amendment, concerning exceptional measures regarding cash withdrawals from foreign currency accounts, with the aim of enabling banks to strengthen their foreign currency liquidity in response to the needs of their clients, particularly depositors, and based on a decision by the Central Bank Council taken in its meeting held on July 27, 2022, hereby decides as follows:

Article 1: The text of Article 3 of Central Board Decision No. 13221 dated April 21, 2020 is repealed and replaced with the following: "The concerned bank shall notify the Banking Control Commission, monthly, of the value of foreign currency resulting from the operations referred to in Article 1 above."

Article 2: This decision shall take effect upon its issuance.

Article 3: This decision shall be published in the Official Gazette.

Beirut, July 27, 2022 Governor of the Central Bank of Lebanon Riad T. Safre