Exceptional measures for the gradual withdrawal of deposits in foreign currencies

Intermediary Circular No. 736 for Banks

We enclose herewith a copy of Intermediary Decision No. 13725 dated 18/06/2025 concerning the amendment of Base Decision No. 13335 dated 08/06/2021 (Exceptional measures for the gradual withdrawal of deposits in foreign currencies) attached to Base Circular No. 158.

Beirut, on 18 June 2025

Governor of the Central Bank of Lebanon

Karim Saeed

Intermediary Decision No. 13725
Amending Base Decision No. 13335 dated 08/06/2021

The Governor of the Central Bank of Lebanon, pursuant to the Monetary and Exchange Law, particularly Articles 70 and 174 thereof, and based on the provisions of Base Decision No. 13335 dated 08/06/2021 and its amendments concerning exceptional measures for the gradual withdrawal of foreign currency deposits, and inasmuch as the conditions of Base Decision No. 13335 dated 08/06/2021 and its amendments apply until 30/06/2025, and pending a complete plan to restore financial stability and the issuance of necessary laws for restructuring public debt on one hand, and the Central Bank of Lebanon's obligations towards commercial banks and subsequently depositors on the other, and since the Central Bank of Lebanon currently lacks legal and legislative tools enabling it to adopt a comprehensive financial policy that fairly treats all stakeholders, and inasmuch as the core and largest portion of banks' mandatory foreign currency placements with the Central Bank of Lebanon belongs exclusively to depositors, and in response to the urgent and humanitarian need of hundreds of thousands of depositors whose funds have remained frozen in the financial and banking system for several years, and in order to contribute to strengthening social stability and economic growth, and based on the powers vested in the Governor to ensure the operation of the Central Bank of Lebanon based on the principle of continuity of public service,

decides as follows:

Article One: The text of Item (1) under "First" in Article Four of Base Decision No. 13335 dated 08/06/2021 is repealed and replaced with the following:
«US$1,800 per month paid in cash ("Banknotes") to the account holder and/or via transfer abroad and/or by means of bank cards that can be used in Lebanon and abroad and/or deposited into a new account ("Account Fresh"), without any direct or indirect commission or expense of any kind being levied on this operation, and provided that the total amount withdrawable annually under Item (1) from all banks does not exceed US$9,600.»

Article Two: The text of "First" in Article Six of Base Decision No. 13335 dated 08/06/2021 is repealed and replaced with the following:
«First: Banks are entitled, to secure the liquidity required under this decision, to utilize their available foreign liquidity within the 3% ratio referred to in Base Decision No. 13262 dated 27/08/2020 (Base Circular No. 154), provided that this ratio is replenished by no later than 31/12/2026.» ../..

-2-

Article Three: This decision shall take effect from 01/07/2025, such that the conditions of Base Decision No. 13335 dated 08/06/2021, as amended by this decision, shall apply for a period of one year renewable or amendable, and shall remain in force until the release of all funds that can be transferred to the "Special Sub-account".

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

Beirut, on 18 June 2025

Governor of the Central Bank of Lebanon

Karim Saeed