Export and Import of Banknotes from and to Lebanon

Intermediary Circular No. 621

To Banks and Exchange Houses

We enclose Intermediary Decision No. 13434 dated 17/5/2022 concerning the amendment of Basic Decision No. 8024 dated 11/1/2002 (operations of shipment of banknotes and "precious metals") attached to Basic Circular No. 89.

Beirut, 17 May 2022

Governor of Banque du Liban

Riad T. Salam

Intermediary Decision No. 13434

Amending Basic Decision No. 8024 dated 11/1/2002 Concerning the Shipment of Banknotes and "Precious Metals"

The Governor of Banque du Liban,
Pursuant to the Monetary and Loan Law, particularly Article 70 thereof, And pursuant to Law No. 347 dated 6/8/2001 concerning the regulation of the profession of exchange in Lebanon, particularly Article 6 thereof, And pursuant to Basic Decision No. 8024 dated 11/1/2002 concerning the shipment of banknotes and "precious metals", And pursuant to the decision of the Central Council of Banque du Liban taken in its meeting held on 11/5/2022,

Hereby decides as follows:

Article 1: The text of point (1) of Article 1 of Basic Decision No. 8024 dated 11/1/2002 is repealed and replaced by the following text:
« 1- That they be of Category (A) and that their capital allocated to the head office and branches be not less than fifty billion Lebanese Lira. »

Article 2: Exchange houses established prior to the issuance of this Decision and which carry out the shipment of banknotes and/or "precious metals" are granted a maximum period of one year from the date of its issuance to regularize their status and complete the capital increase procedures, under penalty of having their names struck off the list of exchange houses and their granted licenses deemed automatically revoked.

Article 3: This Decision shall take effect upon its issuance.

Article 4: This Decision shall be published in the Official Gazette.
Beirut, 17 May 2022

Governor of Banque du Liban

Riad T. Salam