Regulatory Alerts2019-09-30 | 13113Added · Updated
Central Bank of Lebanon Circular No. 530: Amendment of Decision No. 7144 on Documentary Credits
The Central Bank of Lebanon issued Circular No. 530 to amend Decision No. 7144, permitting banks to finance specific essential imports including petroleum derivatives and wheat using US dollars. Banks must open special accounts at the Central Bank, depositing a minimum 15% reserve in USD and 100% in Lebanese Lira, while paying a 0.5% commission on each transaction. The regulation mandates strict compliance to ensure funds are used exclusively for import purposes and not for local consumption, with penalties for violations.
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