Regulatory Alerts2021-05-10 | 13324Exceptional Measures on Foreign-Currency Transactions
The Central Bank of Lebanon issued Basic Decision No. 13324 to mandate all banks to conduct cash foreign currency transactions through a new electronic platform ("Sayrafa") while ensuring transparency, real-time data recording, and maximum 1% pricing margins. The decision requires participating banks to maintain daily cash balances in Lebanese Lira and foreign currency, obtain client-signed bank secrecy releases, and settle transactions either abroad or in designated new Lebanese Lira accounts. Additionally, it authorizes the Central Bank to intervene for exchange rate stability and empowers the Banks Supervision Commission to audit platform data, monitor compliance, and enforce administrative penalties for violations.
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