Implementation of Law No. 193 of 16/10/2020 (Transfers for Lebanese Students Abroad)

Basic Circular No. 155 to Banks: We enclose a copy of the Basic Decision No. 13297 dated 9/12/2020 concerning the implementation of Law No. 193 dated 16/10/2020 (Transfers for Lebanese Students Abroad).

Beirut, 9 January 2021
Governor of the Central Bank of Lebanon
Riad Tawfiq Salam

Basic Decision No. 13297
Implementation of the Provisions of Law No. 193 dated 16/10/2020 Concerning Transfers for Lebanese Students Abroad

Whereas the Governor of the Central Bank of Lebanon, Pursuant to the Monetary and Banking Law, particularly Articles 70 and 174 thereof, And pursuant to Law No. 193 dated 16/10/2020 concerning transfers for Lebanese students abroad, And in light of the exceptional circumstances currently affecting the country, And to ensure the settlement of tuition fees, rent allowances, and living expenses for Lebanese students abroad, And after coordination with the Association of Lebanese Banks, And pursuant to the decision taken by the Central Bank Board in its meeting held on 9/12/2020,

Decrees as follows:

Article One: To implement the provisions of Law No. 193 dated 16/10/2020 for all banks, the latter shall receive requests for transfers from students' families in accordance with the aforementioned Law and its regulatory provisions issued by the Central Bank for this purpose, ensuring that foreign currency is secured from their accounts with correspondent banks abroad.

Article Two: Banks shall verify the absence of misuse of the transfer right subject to Article One above, through establishing an information center at the Association of Lebanese Banks, which shall exclusively be responsible for verifying the absence of duplication or repetition in transfer requests.

Article Three: Each bank shall, specifically regarding the transfer process, obtain the client's signature on the waiver of banking secrecy in favor of the aforementioned information center.

Article Four: This Decision shall take effect upon its issuance.
Article Five: This Decision shall be published in the Official Gazette.

Beirut, 9 January 2021
Governor of the Central Bank of Lebanon
Riad Tawfiq Salam