Certificates of Deposit Issued by Banque du Liban and Accounts Held in Foreign Currencies at BDL

Intermediary Circular No. 701

To Banks and Financial Institutions

We enclose herewith a copy of Intermediary Decision No. 13648 dated 27/6/2024 regarding the amendment of:

• The Basic Decision No. 5258 dated 17/9/1993 (Opening foreign currency deposit accounts at Banque du Liban) attached to Intermediary Circular No. 14.
• The Basic Decision No. 7534 dated 2/3/2000 (Issuance of bank certificates of deposit by Banque du Liban) attached to Intermediary Circular No. 67.

Beirut, on 27 June 2024

Governor of Banque du Liban
By Proxy

Dr. Wissam Mansouri

Intermediary Decision No. 13648

Amendment of Basic Decision No. 5258 dated 17/9/1993 and Basic Decision No. 7534 dated 2/3/2000

The Governor of Banque du Liban,
Based on the Monetary and Exchange Law, particularly Articles 70 and 76 thereof, Based on Basic Decision No. 5258 dated 17/9/1993 and its amendments regarding the opening of foreign currency deposit accounts at Banque du Liban, Based on Basic Decision No. 7534 dated 2/3/2000 and its amendments regarding the issuance of bank certificates of deposit by Banque du Liban, And based on the Central Bank Board Decision No. 26/6/2024 taken in its meeting held on that date,

Decrees the following:

Article One: The text of "Article 4 bis" of Basic Decision No. 5258 dated 17/9/1993 is amended and replaced by the following text:
« Interest on US Dollar fixed-term deposits held at Banque du Liban by banks operating in Lebanon is reduced by 75% and paid in US Dollars to the current account of the relevant bank at Banque du Liban, excluding "cash funds" ».

Article Two: The text of "Article 6 bis" of Basic Decision No. 7534 dated 2/3/2000 is amended and replaced by the following text:
« Interest on US Dollar bank certificates of deposit issued by Banque du Liban and held by banks operating in Lebanon is reduced by 75% and paid in US Dollars to the current account of the relevant bank at Banque du Liban, excluding "cash funds" ».

Article Three: The provisions of this decision shall apply until 31/12/2024.
Article Four: This decision shall be published in the Official Gazette.

Beirut, on 27 June 2024

Governor of Banque du Liban
By Proxy

Dr. Wissam Mansouri