Exceptional Measures for the Repayment of Foreign Currency Deposits Constituted before June 30, 2023

Intermediary Circular No. 714 for Banks

A copy is attached for your reference, Intermediary Circular No. 13674 dated October 31, 2024 concerning the amendment of Basic Decision No. 13611 dated February 2, 2024 (Exceptional Measures for the Repayment of Foreign Currency Deposits Constituted before June 30, 2023) attached to Basic Circular No. 166.

Beirut, on October 31, 2024

Acting Governor of the Central Bank of Lebanon Dr. Wissam Mansouri

Intermediary Decision No. 13674
Amendment of Basic Decision No. 13611 dated February 2, 2024

The Governor of the Central Bank of Lebanon, pursuant to Articles 70 and 174 thereof of the Monetary and Discount Law, and pursuant to Basic Decision No. 13611 dated February 2, 2024 concerning exceptional measures for the repayment of deposits constituted before June 30, 2023 in foreign currencies, given the exceptional circumstances currently experienced by the country, and based on the meeting held on October 31, 2024 of the Central Council of the Central Bank of Lebanon, has decided as follows:

Article 5 of Basic Decision No. 13611
Article One: The text of Clause (3) is repealed from Basic Decision No. 13611 dated February 2, 2024 and replaced with the following text:
« -3 Exceptionally, two installments shall be withdrawn during the month of October 2024 and one installment during the month of November 2024, in addition to the monthly installments according to the following mechanism and conditions:
a - The provisions of this clause apply to persons who have submitted a request for bank secrecy waiver to avail themselves of the provisions of this decision:

• before September 25, 2024 regarding the two additional installments during October 2024.
• before November 1, 2024 regarding the additional installment during November 2024.
  b - The annual withdrawal cap from all banks during the current cycle ending on June 30, 2025 is adjusted to become /250/ L.L. c - The "account holder", who does not have sufficient funds in the "derived private account" to avail themselves of the provisions of this clause, may request an increase in the balance of this account by additional amounts within the cap that allows clients to benefit from this decision until the end of its application period, such that remaining amounts from additional installments are paid when available. d - Additional installments are declared to the "Central Service for Derived Private Accounts" in the month of actual payment.»

Article Two: This decision takes effect upon its issuance.
Article Three: This decision is published in the Official Gazette.

Beirut, on October 31, 2024
Acting Governor of the Central Bank of Lebanon Dr. Wissam Mansouri