Facilities That May Be Granted by BDL to Banks and Financial Institutions

Intermediary Circular No. 573

For Banks and Financial Institutions

We enclose Intermediary Decision No. 13283 dated 9/10/2020 regarding the amendment of Basic Decision No. 6116 dated 7/3/1996 (Facilities That May Be Granted by Banque du Liban to Banks and Financial Institutions) attached to Basic Circular No. 23.

Beirut, on 9 October 2020 Governor of Banque du Liban

Riad T. Safieh

Intermediary Decision No. 13283 Amending Basic Decision No. 6116 dated 7/3/1996

The Governor of Banque du Liban, pursuant to the Monetary and Loan Law, particularly Article 70 thereof, based on Basic Decision No. 6116 dated 7/3/1996 and its amendments regarding the facilities that Banque du Liban may grant to banks and financial institutions, based on a decision of the Central Council of Banque du Liban taken in its meeting held on 7/10/2020, decides as follows:

Article One: Adds to the text of "Article Fourteen" of Basic Decision No. 6116 dated 7/3/1996 the following paragraph "six-ter":

"Pursuant to this Article six-ter: The applicant shall settle the required coverage ratio according to the Lebanese Lira at the exchange rate specified for Banque du Liban's transactions with banks (1507.5 Lebanese Lira per one US Dollar), provided that the bank deposits them in cash, as banknotes, at Banque du Liban to secure the foreign currency needed for import operations."

Article Two: This decision shall be effective upon its issuance.

Article Three: This decision shall be published in the Official Gazette.

Beirut, on 9 October 2020 Governor of Banque du Liban

Riad T. Safieh