Exceptional measures to reactivate the work of banks operating in Lebanon

Central Bank Circular No. 645
To the Banks and to the Supervisory Commissioners at the Banks

We enclose, in reference to Circular No. 13485 dated October 7, 2022, concerning the amendment of Central Bank Decision No. 13262 dated August 27, 2020, concerning exceptional measures to reactivate the work of banks operating in Lebanon, attached to Central Bank Circular No. 154.

Beirut, October 7, 2022
Governor of the Central Bank of Lebanon

Riad T. Safieh

Central Bank Decision No. 13485
Amendment of Central Bank Decision No. 13262 dated August 27, 2020 (Exceptional measures to reactivate the work of banks operating in Lebanon)

The Governor of the Central Bank of Lebanon, pursuant to Articles 70, 146, and 174 of the Monetary and Banking Law, and pursuant to Central Bank Decision No. 13262 dated August 27, 2020, concerning exceptional measures to reactivate the work of banks operating in Lebanon, and pursuant to a decision by the Central Bank Council adopted during its meeting held on October 5, 2022,

hereby decides as follows:

Article One: The text of Article Three of Central Bank Decision No. 13262 dated August 27, 2020 is repealed and replaced with the following:
"Each bank shall maintain an external account, freely available from any obligations to its correspondents abroad, which at no time falls below 3% of the total foreign currency deposits it holds as of September 30, 2022."

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

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

Beirut, October 7, 2022
Governor of the Central Bank of Lebanon

Riad T. Safieh