Regulatory Alerts2022-05-17 | 13434Export and Import of Banknotes from and to Lebanon
Banque du Liban issued Intermediary Decision No. 13434 to amend Basic Decision No. 8024 governing the shipment of banknotes and precious metals. The amendment establishes a minimum capital requirement of fifty billion Lebanese Lira for Category (A) exchange houses covering their head office and branches. It further grants incumbent exchange houses engaged in these operations a one-year deadline to regularize their status and complete capital increases, failing which their licenses will be automatically revoked and their names struck from the official registry.
Intermediary Circular No. 621
To Banks and Exchange Houses
We enclose Intermediary Decision No. 13434 dated 17/5/2022 concerning the amendment of Basic Decision No. 8024 dated 11/1/2002 (operations of shipment of banknotes and "precious metals") attached to Basic Circular No. 89.
Beirut, 17 May 2022
Governor of Banque du Liban
Riad T. Salam
Intermediary Decision No. 13434
Amending Basic Decision No. 8024 dated 11/1/2002 Concerning the Shipment of Banknotes and "Precious Metals"
The Governor of Banque du Liban, Pursuant to the Monetary and Loan Law, particularly Article 70 thereof, And pursuant to Law No. 347 dated 6/8/2001 concerning the regulation of the profession of exchange in Lebanon, particularly Article 6 thereof, And pursuant to Basic Decision No. 8024 dated 11/1/2002 concerning the shipment of banknotes and "precious metals", And pursuant to the decision of the Central Council of Banque du Liban taken in its meeting held on 11/5/2022,
Hereby decides as follows:
Article 1: The text of point (1) of Article 1 of Basic Decision No. 8024 dated 11/1/2002 is repealed and replaced by the following text: « 1- That they be of Category (A) and that their capital allocated to the head office and branches be not less than fifty billion Lebanese Lira. »
Article 2: Exchange houses established prior to the issuance of this Decision and which carry out the shipment of banknotes and/or "precious metals" are granted a maximum period of one year from the date of its issuance to regularize their status and complete the capital increase procedures, under penalty of having their names struck off the list of exchange houses and their granted licenses deemed automatically revoked.
Article 3: This Decision shall take effect upon its issuance.
Article 4: This Decision shall be published in the Official Gazette. Beirut, 17 May 2022
Governor of Banque du Liban
Riad T. Salam