Regulatory Alerts2021-12-27 | 13393Exceptional measures concerning cash withdrawals from foreign currency bank accounts
The Governor of the Central Bank of Lebanon issued Circular No. 13393 on December 27, 2021 to reinstate Article Four of Circular No. 13221, thereby clarifying that all other US dollar transactions between banks and their customers remain subject to the rate determined by the Central Bank. This amendment addresses potential ambiguity arising from the repeal of Article Four in Circular No. 13377 and follows a Central Bank Council decision dated December 22, 2021. The measure takes effect immediately upon issuance and is published in the Official Gazette to ensure uniform application across the banking sector.
Circular No. 610 ———————————————————— To Banks
Copy of Circular No. 13393 dated December 27, 2021 concerning the amendment of Circular No. 13221 dated April 21, 2020 (Exceptional measures concerning cash withdrawals from foreign currency bank accounts) attached to Circular No. 151.
Beirut, on December 27, 2021 Governor of the Central Bank of Lebanon Riad T. Salamé
Circular No. 13393 ———————————————————— Amendment of Circular No. 13221 dated April 21, 2020
The Governor of the Central Bank of Lebanon, pursuant to the Monetary and Loan Law, particularly Articles 70 and 174 thereof, and pursuant to Circular No. 13221 dated April 21, 2020 concerning exceptional measures regarding cash withdrawals from foreign currency accounts, and to avoid any ambiguity that may arise as a result of the repeal of Article Four of Circular No. 13221 dated April 21, 2020 as stated in Article Two of Circular No. 13377 dated December 9, 2021, and based on the decision of the Central Bank Council taken in its meeting held on December 22, 2021, hereby decides as follows:
Article One: The provisions of Article Four of Circular No. 13221 dated April 21, 2020 shall be reinstated. The text of which is as follows: "All other transactions in US dollars conducted by banks with their customers shall remain subject to the rate determined by the Central Bank of Lebanon in its dealings with banks."
Article Two: This Circular shall take effect upon its issuance. Article Three: This Circular shall be published in the Official Gazette.
Beirut, on December 27, 2021 Governor of the Central Bank of Lebanon Riad T. Salamé