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2021-05-10 | 13325

Facilities Granted by BDL to Banks and Financial Institutions, Exceptional Measures Concerning Cash Withdrawals from Foreign Currency Bank Accounts, and Aid to Those Affected by the Beirut Port Explosion

The Central Bank of Lebanon issued Intermediary Decision No. 13325 to amend three foundational decisions governing banking facilities, foreign currency cash withdrawal measures, and disaster relief for Beirut Port explosion victims. The decision formally repeals references to the "Electronic Foreign Exchange Operations Platform" across Articles 14-bis-3, 1, and 3 of the respective decisions, while permanently maintaining the fixed exchange rate of 3,900 Lebanese Lira per US Dollar for their application. Effective immediately upon issuance and publication in the Official Gazette, this regulatory update streamlines operational compliance for banks and financial institutions under the Monetary and Banking Law.

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Intermediary Circular No. 582

To the Banks

We enclose for your reference Intermediary Decision No. 13325 dated 10/5/2021 concerning the amendment of: a copy of Intermediary Decision No.

  • Intermediary Decision No. 6116 dated 7/3/1996 (Facilities that may be granted by the Central Bank of Lebanon to banks and financial institutions) attached to Intermediary Circular No. 23.
  • Intermediary Decision No. 13221 dated 21/4/2020 (Exceptional measures concerning cash withdrawals from foreign currency accounts) attached to Intermediary Circular No. 151.
  • Intermediary Decision No. 13254 dated 6/8/2020 (Aid to those affected by the explosion at the Port of Beirut) attached to Intermediary Circular No. 152.

Beirut, on May 10, 2021

Governor of the Central Bank of Lebanon Riad Tawfiq Smeih

Intermediary Decision No. 13325

Amendment of Intermediary Decisions: Decision No. 6116 dated 7/3/1996, Decision No. 13221 dated 21/4/2020, and Decision No. 13254 dated 6/8/2020

The Governor of the Central Bank of Lebanon, Pursuant to the Monetary and Banking Law, particularly Articles 70 and 174 thereof, And based on Intermediary Decision No. 6116 dated 7/3/1996 and its amendments concerning the facilities that may be granted by the Central Bank of Lebanon to banks and financial institutions, And based on Intermediary Decision No. 13221 dated 21/4/2020 and its amendment concerning exceptional measures regarding cash withdrawals from foreign currency accounts, And based on Intermediary Decision No. 13254 dated 6/8/2020 and its amendment concerning aid to those affected by the explosion at the Port of Beirut, And based on a decision of the Central Bank Council taken in its meeting held on 28/4/2021,

Has decided as follows:

Article 1:

  1. Any reference to the "Electronic Foreign Exchange Operations Platform" is hereby repealed in each of:
    • Article 14-bis-3 of Intermediary Decision No. 6116 dated 7/3/1996,
    • Article 1 of Intermediary Decision No. 13221 dated 21/4/2020,
    • Article 3 of Intermediary Decision No. 13254 dated 6/8/2020.
  2. As an additional provision, the exchange rate fixed at 3,900 Lebanese Lira per one US Dollar shall remain applicable for the implementation of the provisions of the aforementioned Articles in paragraph (1).

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

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

Beirut, on May 10, 2021

Governor of the Central Bank of Lebanon

Riad Tawfiq Smeih

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