RegAlert2024-02-02 | 13613Added · Updated
Certificates of Deposit Issued by Banque du Liban and Accounts Held in Foreign Currencies at BDL
Banque du Liban’s Acting Governor issued Intermediary Decision No. 13613 to amend Basic Decisions 5258 and 7534, reducing interest rates on fixed-term US dollar deposits and US dollar certificates of deposit held by Lebanese banks by 75%, with both interest reductions payable in US dollars. The amended provisions apply to deposits and certificates issued between 3 February and 30 June 2024, effectively lowering funding costs for banks operating in Lebanon while maintaining dollar-denominated payouts. This regulatory adjustment implements the Central Bank Council’s February 2024 directives to support liquidity and stabilize foreign currency operations within the domestic banking sector.
BDL published 4 documents in the last 30 days — get each new one by email the day it lands.
Intermediary Circular No. 686
To Banks and Financial Institutions
We enclose herewith a copy of Intermediary Decision No. 13613 dated 2/2/2024 concerning the amendment of:
- The Basic Decision No. 5258 dated 17/9/1993 (Opening foreign currency accounts and deposits at Banque du Liban) attached to Basic Circular No. 14.
- The Basic Decision No. 7534 dated 2/3/2000 (Issuance of bank certificates of deposit by Banque du Liban) attached to Basic Circular No. 67.
Beirut, on 2 February 2024
Acting Governor of Banque du Liban
Dr. Wissam Mansouri
Intermediary Decision No. 13613
Amendment of Basic Decision No. 5258 dated 17/9/1993
The Acting Governor of Banque du Liban, pursuant to the Monetary and Exchange Law, particularly Articles 70 and 76 thereof, and pursuant to Basic Decision No. 5258 dated 17/9/1993 and its amendments concerning the opening of foreign currency accounts and deposits at Banque du Liban, and pursuant to Basic Decision No. 7534 dated 2/3/2000 and its amendments concerning the issuance of bank certificates of deposit by Banque du Liban, based on the decision of the Central Bank Council taken in its meeting held on 2 February 2024, hereby decides the following:
Article One: Amends the text of "Article Fourter" of Basic Decision No. 5258 dated 17/9/1993 and replaces it with the following text:
"Interest on fixed-term US dollar deposits held at Banque du Liban by banks operating in Lebanon shall be reduced by 75% and paid in US dollars."
Article Two: Amends the text of "Article Sixter" of Basic Decision No. 7534 dated 2/3/2000 and replaces it with the following text:
"Interest on US dollar certificates of deposit issued by Banque du Liban and owned by banks operating in Lebanon shall be reduced by 75% and paid in US dollars."
Article Three: The provisions of this decision shall take effect from 3 February until 30 June 2024.
Article Four: This decision shall be published in the Official Gazette.
Beirut, on 2 February 2024
Acting Governor of Banque du Liban
Dr. Wissam Mansouri
Read the rest free
Lineage: In force
Timeline
This document amends: Issuance of Certificates of Deposit by Banque du Liban, Opening Foreign-Currency Deposit Accounts at the Banque du Liban
Source: Banque du Liban — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
More like this from BDL
BDL published 4 documents in the last 30 days. We email you each new one the day it's published.