Regulatory Alerts2017-11-07 | 12714Central Bank of Lebanon Circular No. 476: Amendment of Decisions No. 7493 and 7776 Regarding Financial Operations and Credit Activities
The Central Bank of Lebanon issued Circular No. 476 to amend Decision No. 7493 of 1999 and Decision No. 7776 of 2001 concerning financial operations and credit activities. The regulation repeals specific articles from the previous decisions and replaces text in Decision No. 7776 to mandate compliance with International Financial Reporting Standards, specifically IFRS 9. These amendments align Lebanese banking regulations with international standards for the classification, reclassification, and valuation of financial instruments.
Circular No. 476
For Banks and Financial Institutions
We enclose herewith a copy of Central Bank Decision No. 12714 dated 7/11/2017 regarding the amendment of:
- The Fundamental Decision No. 7493 dated 24/12/1999 (Financial Operations and Activities in Financial Markets) attached to Fundamental Circular No. 66.
- The Fundamental Decision No. 7776 dated 21/2/2001 (Credit, Investment, Participation, and Partnership Operations) attached to Fundamental Circular No. 81.
Beirut, on 7 November 2017
Governor of the Central Bank of Lebanon
Riad T. Salamé