The Application of Law 347 Dated 6/8/2001 concerning the Regulation of Money Dealers, Exceptional Measures Concerning Cash Withdrawals from Small Accounts and Foreign Currency Bank Accounts

Central Bank Circular No. 565

To Banks and Money Exchange Institutions

We hereby submit for your reference a copy of Central Bank Decision No. 13253 dated August 4, 2020, concerning the amendment of:

• Basic Decision No. 13215 dated April 3, 2020 (Exceptional Measures Concerning Cash Withdrawals from Small Accounts at Banks), attached to Basic Circular No. 148.
• Basic Decision No. 13221 dated April 21, 2020 (Exceptional Measures Concerning Cash Withdrawals from Foreign Currency Accounts), attached to Basic Circular No. 151.
• The Executive Regulation of the Money Dealers Profession Law, attached to Basic Decision No. 7933 dated September 27, 2001 (subject of Basic Circular for Money Exchange Institutions No. 3).

Beirut, August 4, 2020

Governor of the Central Bank of Lebanon

Riad T. Safieh

Central Bank Decision No. 13253

Amending Basic Decision No. 13215 dated April 3, 2020 and Basic Decision No. 13221 dated April 21, 2020 and the Executive Regulation of the Money Dealers Profession Law

The Governor of the Central Bank of Lebanon,
Pursuant to the Monetary and Banking Law, particularly Articles 174 and 70 thereof, Pursuant to Basic Decision No. 13215 dated April 3, 2020, and its amendments, concerning exceptional measures regarding cash withdrawals from small accounts at banks, Pursuant to Basic Decision No. 13221 dated April 21, 2020, concerning exceptional measures regarding cash withdrawals from foreign currency accounts, Pursuant to the Executive Regulation of the Money Dealers Profession Law and its amendments, attached to Basic Decision No. 7933 dated September 27, 2001, Pursuant to the decision of the Central Bank Board taken in its meeting held on July 29, 2020,

Has decided as follows:

Article One: The phrase "according to the market rate" wherever it appears in Article One of Basic Decision No. 13215 dated April 3, 2020, is replaced by the phrase "according to the market rate approved in the electronic platform for money exchange operations".

Article Two: Article Three of Basic Decision No. 13215 dated April 3, 2020 is repealed.

Article Three: The phrase "according to the market rate" wherever it appears in Article One of Basic Decision No. 13221 dated April 21, 2020, is replaced by the phrase "according to the market rate approved in the electronic platform for money exchange operations".

Article Four: Article Two of Basic Decision No. 13221 dated April 21, 2020 is repealed.

Article Five: Article Eighteen of the Executive Regulation of the Money Dealers Profession Law, attached to Basic Decision No. 7933 dated September 27, 2001, is repealed.

Article Six: This Decision shall take effect upon its issuance.

Article Seven: This Decision shall be published in the Official Gazette.
Beirut, August 4, 2020

Governor of the Central Bank of Lebanon

Riad T. Safieh