Regulatory Alerts2023-04-25 | 13549Certificates of Deposit Issued by Banque du Liban and Accounts Held in Foreign Currencies at BDL
The Governor of Banque du Liban issued Intermediary Decision No. 13549 to extend the validity of key provisions in Basic Decisions No. 5258 and No. 7534 until December 31, 2023. This extension preserves the regulatory framework governing foreign currency accounts and bank certificates of deposit issued by BDL, as amended by prior intermediary decisions. The decision takes effect immediately upon issuance and is published in the Official Gazette to ensure compliance by all banks, financial institutions, and supervisory commissioners.
Intermediary Circular No. 668
To Banks and Financial Institutions, and to Supervisory Commissioners
We deliver to you a copy of Intermediary Decision No. 13549 dated April 25, 2023, concerning the amendment of:
- Basic Decision No. 5258 dated September 17, 1993 (Opening Foreign Currency Accounts at Banque du Liban) attached to Basic Circular No. 14.
- Basic Decision No. 7534 dated March 2, 2000 (Issuance of Bank Certificates of Deposit by Banque du Liban) attached to Basic Circular No. 67.
Beirut, April 25, 2023 Governor of Banque du Liban Riad T. Salam
Intermediary Decision No. 13549 Amendment of Basic Decision No. 5258 dated September 17, 1993 and Basic Decision No. 7534 dated March 2, 2000
The Governor of Banque du Liban, based on the Monetary and Loan Law, particularly Articles 70 and 174 thereof, based on Basic Decision No. 5258 dated September 17, 1993 and its amendments concerning the opening of foreign currency accounts at Banque du Liban, based on Basic Decision No. 7534 dated March 2, 2000 and its amendments concerning the issuance of bank certificates of deposit by Banque du Liban, based on a decision of the Central Council of Banque du Liban taken in its meeting held on April 19, 2023,
hereby decides as follows:
Article One: The provisions of the following shall remain in force until December 31, 2023:
- "Article 4 bis" of Basic Decision No. 5258 dated September 17, 1993, added by Intermediary Decision No. 13157 dated December 4, 2019 and amended by Intermediary Decision No. 13495 dated November 1, 2022.
- "Article 6 bis" of Basic Decision No. 7534 dated March 2, 2000, added by Intermediary Decision No. 13157 dated December 4, 2019 and amended by Intermediary Decision No. 13495 dated November 1, 2022.
Article Two: This decision shall take effect upon its issuance.
Article Three: This decision shall be published in the Official Gazette.
Beirut, April 25, 2023 Governor of Banque du Liban Riad T. Salam