Regulatory Alerts2020-04-16 | 13220Added · Updated
Central Bank of Lebanon Circular No. 551: Amendment of Decision No. 7548 on Electronic Banking and Financial Operations
The Central Bank of Lebanon issued Circular No. 551 to amend Decision No. 7548 regarding electronic financial and banking operations. The amendment mandates that all non-banking institutions performing electronic money transfers must settle incoming foreign currency transfers in Lebanese Lira at the market rate and sell the resulting foreign currency to the Central Bank's dedicated unit. This decision, effective immediately, also repeals Article 7 bis of the original decision to enforce these specific currency conversion and sales obligations.
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