Regulatory Alerts2018-05-02 | 12800Conditions of the Establishment of the persons governed by the provisions of Articles 183 and 184 of the Code of Money and Credit
The Governor of the Central Bank of Lebanon issued Intermediary Circular 490 to amend the fundamental decision regarding the conditions for operating 'Credit Counters' under Articles 183 and 184 of the Code of Money and Credit. The amendments prohibit Credit Counters from opening branches without prior approval and mandate a minimum free capital of 1 billion Lebanese Lira per branch, while also establishing specific exposure limits and exemption criteria for individual borrowers. Furthermore, the decision imposes new semi-annual and annual reporting obligations requiring Credit Counters to submit detailed electronic and paper records of loans, partner information, and employee structures to the Central Bank.
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