Regulatory Alerts2020-08-19 | 13257Transfers to Lebanese Students Abroad
The Central Bank of Lebanon issued Basic Decision No. 13257 to authorize domestic banks to process foreign currency transfers from clients' current accounts for tuition, rent, and living expenses of Lebanese students residing abroad. The regulation mandates that beneficiaries be enrolled in educational institutions before the end of 2019, requires supporting documentation or established transfer practices, and caps annual transfers at 10,000 USD (or equivalent). These provisions take immediate effect and are published in the Official Gazette to facilitate student financial obligations during exceptional economic conditions.
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