Operations relating to credit, investment and shareholding and participation

Circular No. 656 For Banks and Financial Institutions

Decision No. 13525 dated 20/01/2023 regarding the amendment of Basic Circular No. 81 dated 21/02/2001 ("Operations relating to credit, investment and shareholding and participation")

Beirut, on 20 February 2023 Central Bank of Lebanon Governor Salameh

Decision No. 13525 Amending Basic Circular No. 81 dated 21/02/2001 ("Operations relating to credit, investment and shareholding and participation")

The Governor of the Central Bank of Lebanon, Pursuant to Law No. 10/1/2022 and specifically Articles 70, 79, and 174 thereof, And pursuant to Basic Circular No. 81 dated 21/02/2001 and its amendments regarding operations relating to credit, investment and shareholding and participation, And based on Circular No. 6170 dated 17/05/1996 and its amendments regarding the definition of "foreign currency" in Lebanon and its classification into foreign and local currencies, And after deliberation in the meeting held on 18/01/2023 of the Monetary and Credit Council of the Central Bank of Lebanon, Has decided the following:

Article One: The first paragraph of the third section of Basic Circular No. 81 dated 21/02/2001 is hereby repealed.

Article Two: The second paragraph of the third section of Basic Circular No. 81 dated 21/02/2001 is hereby repealed and replaced with the following: "Banks and financial institutions operating in Lebanon are authorized to open and maintain foreign currency accounts for non-residents, including offshore companies, foreign banks, and foreign branches."

Article Three: This Decision shall take effect as of 01/02/2023.

Article Four: This Decision shall be published in the Official Gazette.

Beirut, on 20 February 2023 Central Bank of Lebanon Governor Salameh