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2024-10-10 | 13671

Exceptional Measures for the Repayment of Foreign Currency Deposits Constituted Before 30 June 2023

The Central Bank of Lebanon issued Decision No. 13671 to amend Decision No. 13611 and Circular No. 166, establishing exceptional repayment measures for foreign currency deposits constituted before 30 June 2023. The decision clarifies eligible depositor categories, including those with allocated funds, Sayrafa scheme participants, and accounts meeting specific balance thresholds between 300,000 and 750,000 currency units. It mandates banks to verify certificates and execute repayments in accordance with the approved yearly cycle from 1 May to 31 August, ensuring operational compliance across all Lebanese banks.

Lebanon

Banque du Liban

Circular/Decision No. 711 To Banks

Decision No. 13671 dated 2024/10/10 regarding Decision No. 13611 dated 2024/2/2 (Exceptional Measures for Foreign Currency Deposits constituted before 30 June 2023, applying Circular No. 166). Beirut, 10 January 2024 Governor of the Central Bank of Lebanon, Assem Smergi

Decision No. 13671 Amending Decision No. 13611 dated 2024/2/2

The Governor of the Central Bank of Lebanon, pursuant to Articles 70 and 174 of the Law on Banking and Special Control, and based on Decision No. 13671 dated 2024/10/9 regarding the Supreme Council for Banks, has decided as follows:

Article 1: Amends paragraph (3) of Decision No. 13671 dated 2024/2/2. Article 2: Amends the definition in paragraph (2) of Circular No. 166 and Decision No. 13671 dated 2024/2/2, and clarifies the application of this decision. Article 3: This decision takes effect from its date. Article 4: This decision is published in the Official Gazette.

Beirut, 10 January 2024 Governor of the Central Bank of Lebanon, Assem Smergi

Form No. (2) Certificate for Banks applying Circular No. 166 dated 2024/2/2 regarding the application of Decision No. 13671

The undersigned, as Bank Representative, certifies that the following depositors are eligible under Article 2 and Article 3 of Decision No. 13671 dated 2024/2/2 (Circular No. 166), namely:

1. Depositors mentioned in Article 2 of Decision No. 13671 (Circular No. 154 dated 2020/8/27), who have not yet received the allocated amount, provided that the deposited funds are transferred to a Lebanese bank account and subsequently to an allocated foreign currency account from the allocated pool.
1. Depositors who opened their accounts before 31 October 2019 and transferred them to a "Sayrafa" commercial account.
1. Depositors who, as of 31 October 2019 and holding Lebanese Lira accounts, maintain a balance between 300,000 and 750,000 currency units.
1. Depositors who, as of 31 October 2019, transferred their funds from foreign currency to Lebanese Lira accounts with a balance between 300,000 and 750,000 currency units.
1. Depositors who benefited from the "Sayrafa" scheme with a balance of 750,000 or more and transferred to the Lebanese Bank for "Sayrafa" operations.
1. Depositors who complied with Article 1 of Decision No. 13335 dated 2021/6/8 (Circular No. 158), where any bank was included during the "Yearly Cycle" approved for applying Decision No. 13671 (Circular No. 166), extending from 1 May to 31 August each year, provided the operations were conducted across all banks.

If not otherwise specified, the bank is responsible for verifying the aforementioned certificate and undertaking to repay the amounts received in accordance with Decision No. 13671 dated 2024/2/2 (Circular No. 166).