The Central Bank of Lebanon has issued a new circular including details about the decision to pay depositors at Lebanese banks their money in foreign currency.
In the circular (No. 158), the Banque du Liban (BDL) instructed all banks operating in Lebanon to do what’s necessary to secure the gradual payment of deposits in foreign currency, to accounts opened before October 31st, 2019.
The Banking Control Commission will be following up on any complaints in this regard received from account holders.
The circular takes effect on June 30, and its terms are active for a period of one year, subject to extension or modification.
It will remain in force until “the release of all funds transferred to the Special Branch account.”
According to Circular No. 158, withdrawals from the said account will take place as follows:
- $400 per month, paid in cash to the account holder, via an outbound transfer, bank cards that can be used in Lebanon and abroad, and/or a deposit to a fresh account.
This is provided that the total amount that can be withdrawn in U.S. dollars from all banks does not exceed $4,800 annually. - The above is paid in addition to the equivalent of $400 in Lebanese pounds, per month, based on the exchange rate specified on the Sayrafa platform.
50% of the latter is paid to the account holder in cash, and the remaining is paid via bank cards, provided that the total amount that can be withdrawn from all banks in Lebanese pounds does not exceed the equivalent of $4,800 per year (based on the Sayrafa rate).
