Regulatory Alerts2024-09-20 | 13665Exceptional Measures to Reactivate the Work of Banks Operating in Lebanon
The Central Bank of Lebanon issued Interim Decision No. 13665 to amend Basic Decision No. 13262, extending the compliance period for Lebanese banks from five to eight years and mandating that each bank maintain a separate foreign currency account abroad representing at least 3% of total foreign deposits as of July 31, 2024. The regulation allows banks with non-compliant status until December 31, 2025 to regularize their positions by including the market value of Lebanese Eurobonds, US bonds, and other foreign investment-grade bonds held at BLOM Bank PLC or abroad. This measure takes immediate effect upon issuance and is published in the Official Gazette to ensure continued banking operations under exceptional reactivate measures.
Share