Regulatory Alerts2024-11-21 | 13678Exceptional measures to reactivate the work of banks operating in Lebanon
The Governor of the Central Bank of Lebanon issued Intermediary Decision No. 13678 to amend Basic Decision No. 13262, specifically repealing and replacing the second sentence of Article 3 to clarify that securities listed in paragraphs (a) and (b) of item (2) under the "first" section of Basic Decision No. 7274 are classified at fair value. This amendment, effective immediately upon issuance and publication in the Official Gazette, ensures consistent valuation treatment for these specified bank securities under Lebanon's exceptional reactivation framework. The decision was formally adopted by the Central Council on November 20, 2024, and signed by Acting Governor Dr. Wissam Mansouri on November 21, 2024.
Circular No. 716 For banks and bank supervisors
We enclose for your reference a copy of Intermediary Decision No. 13678 dated November 21, 2024, concerning the amendment of Basic Decision No. 13262 dated August 27, 2020, concerning exceptional measures to reactivate the work of banks operating in Lebanon, attached to Basic Circular No. 154.
Beirut, November 21, 2024 Governor of the Central Bank of Lebanon (by proxy) Dr. Wissam Mansouri
Intermediary Decision No. 13678 Amending Basic Decision No. 13262 dated August 27, 2020
The Governor of the Central Bank of Lebanon, Based on the Monetary and Loan Law, particularly Articles 70 and 174 thereof, Based on Basic Decision No. 13262 dated August 27, 2020, and its amendments concerning exceptional measures to reactivate the work of banks operating in Lebanon, Based on the decision of the Central Council of the Central Bank taken in its meeting held on November 20, 2024,
decides as follows:
Article One: The second sentence of the third paragraph of Article 3 of Basic Decision No. 13262 dated August 27, 2020 is repealed and replaced with the following text: « - The fair value of the securities specified in paragraphs (a) and (b) of item (2) of the "first" section of Article 1 of Basic Decision No. 7274 dated April 15, 1999 (Basic Circular No. 62) and classified at fair value.»
Article Two: This decision shall take effect upon its issuance. Article Three: This decision shall be published in the Official Gazette.
Beirut, November 21, 2024 Governor of the Central Bank of Lebanon (by proxy) Dr. Wissam Mansouri