Regulatory Alerts2020-04-16 | 13220Central Bank of Lebanon Circular No. 551: Amendment of Decision No. 7548 on Electronic Banking and Financial Operations
The Central Bank of Lebanon issued Circular No. 551 to amend Decision No. 7548 regarding electronic financial and banking operations. The amendment mandates that all non-banking institutions performing electronic money transfers must settle incoming foreign currency transfers in Lebanese Lira at the market rate and sell the resulting foreign currency to the Central Bank's dedicated unit. This decision, effective immediately, also repeals Article 7 bis of the original decision to enforce these specific currency conversion and sales obligations.
Circular No. 551
For Banks, Financial Institutions, and Institutions Engaging in Financial and Banking Operations via Electronic Means
We hereby enclose a copy of Intermediary Decision No. 13220 dated 16/4/2020, concerning the amendment of Basic Decision No. 7548 dated 30/3/2000 (Financial and Banking Operations via Electronic Means) attached to Basic Circular No. 69.
Beirut, April 16, 2020
Governor of the Central Bank of Lebanon
Riad T. Safre
Intermediary Decision No. 13220
Amendment of Basic Decision No. 7548 dated 30/3/2000 Concerning Financial and Banking Operations via Electronic Means
The Governor of the Central Bank of Lebanon, Pursuant to the Monetary and Loan Law, particularly Article 70 thereof, Pursuant to Law No. 133 dated 26/10/1999 concerning the tasks of the Central Bank of Lebanon, And pursuant to Basic Decision No. 7548 dated 30/3/2000 and its amendments concerning Financial and Banking Operations via Electronic Means, And pursuant to Basic Decision No. 13216 dated 3/4/2020 concerning the purchase of foreign currency by the Central Bank of Lebanon, And pursuant to the powers vested in the Governor to ensure the continuity of the Central Bank of Lebanon based on the principle of the continuity of public service,
Decides as follows:
Article One: The text of "Article 7 bis" of Basic Decision No. 7548 dated 30/3/2000 is repealed and replaced with the following text:
"All non-banking institutions performing electronic money transfer operations:
- Must settle the value of any electronic money transfer received from abroad in Lebanese Lira according to the market rate.
- Must sell the foreign currency resulting from the aforementioned operations to the Unit established within the Monetary Operations Directorate at the Central Bank of Lebanon."
Article Two: This Decision shall take effect immediately upon its issuance.
Article Three: This Decision shall be published in the Official Gazette.
Beirut, April 16, 2020 Governor of the Central Bank of Lebanon
Riad T. Safre