Regulatory Alerts2024-09-25 | 13668Exceptional Measures for the Gradual Withdrawal of Foreign Currency Deposits
The Central Bank of Lebanon issued Circular No. 709 to amend Decision No. 13335 by introducing a one-time, exceptional withdrawal mechanism for additional foreign currency deposits held in Lebanese banks. The measure mandates that banks withdraw specified amounts (LBP 600 and LBP 420) from these deposits, suspend the withdrawal for the fiscal year ending June 30, 2025, and deposit the funds into designated special accounts within one month of publication. The Central Bank retains full authority to determine applicable conditions, adjust mandatory exceptional measures, and manage the offsetting of these additional deposits.
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