Exceptional measures for the gradual withdrawal of deposits in foreign currencies

Intermediary Circular No. 720
For Banks

We enclose herewith a copy of Intermediary Decision No. 13683 dated 24/12/2024 concerning the amendment of Basic Decision No. 13335 dated 08/06/2021 (Exceptional measures for the gradual withdrawal of foreign currency deposits) attached to Basic Circular No. 158.

Beirut, on December 24, 2024

Governor of the Central Bank of Lebanon
Acting

Dr. Wissam Al Mansoury

Intermediary Decision No. 13683
Amending Basic Decision No. 13335 dated 08/06/2021

The Governor of the Central Bank of Lebanon, pursuant to the Monetary and Loan Law, particularly Articles 70 and 174 thereof, and pursuant to the provisions of Basic Decision No. 13335 dated 08/06/2021 and its amendments concerning exceptional measures for the gradual withdrawal of foreign currency deposits, and in view of the exceptional circumstances currently experienced by the country, and pursuant to the resolution of the Central Council of the Central Bank of Lebanon adopted in its meeting held on 24/12/2024,

decides the following:

Article One: The text of clause (4) under the "First" paragraph of Article Four of Basic Decision No. 13335 dated 08/06/2021 is repealed and replaced with the following text:
« -4. Exceptionally, two withdrawals shall be made during the month of November 2024 and one withdrawal during each of the months of December 2024, January 2025, and February 2025, in addition to the monthly withdrawals according to the following mechanism and conditions:
a. The provisions of this clause apply to persons who have submitted requests for lifting bank secrecy in order to benefit from the provisions of this decision:

• before 25/09/2024 regarding the two additional withdrawals during November 2024.
• before 01/11/2024 regarding the additional withdrawal during December 2024.
• before 26/11/2024 regarding the additional withdrawal during January 2025.
• before 24/12/2024 regarding the additional withdrawal during February 2025.
  b. The annual withdrawal ceiling from all banks during the current cycle ending on 30/06/2025 is amended to be as follows:
• 6,800 USD regarding persons specified in clause (1) under the "First" paragraph hereof.
• 5,100 USD regarding persons specified in clause (2) under the "First" paragraph hereof.
  c. The "account holder", who does not have a sufficient amount in their "Special Branch Account" to benefit from the provisions of clause (4) hereof, may request an increase in this account's balance by an additional amount, within the ceiling that the client can benefit from under this decision until the expiration of its application period, such that the remaining amounts of the additional withdrawals are paid when available.
  d. The additional withdrawals are declared to the "Central Department of Special Branch Accounts" in the status of the month in which the actual payment occurs. ../..

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e. Liquidity is secured to fully cover the additional withdrawals from the mandatory foreign currency allocations held by banks at the Central Bank of Lebanon, which the latter issues for this purpose.»

Article Two: This decision shall take effect upon its issuance.

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

Beirut, on December 24, 2024

Governor of the Central Bank of Lebanon
Acting

Dr. Wissam Al Mansoury