News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
22
o
Bekaa
19
o
Keserwan
21
o
Metn
21
o
Mount Lebanon
22
o
North
22
o
South
22
o
Live
Video
Audio
Schedule
shows
العربية
watching now
La Ekher EL Omr
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
22
o
Bekaa
19
o
Keserwan
21
o
Metn
21
o
Mount Lebanon
22
o
North
22
o
South
22
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Circular 158 amendments: Implications and challenges for Lebanese depositors
News Bulletin Reports
2023-07-06 | 11:50
High views
Share
Share
3
min
Circular 158 amendments: Implications and challenges for Lebanese depositors
As each new Circular is issued by Banque du Liban (BDL), all eyes turn to the banks. The reality is that there are no fundamental solutions to the crisis, and everything happening is merely a patchwork attempt to restore people's deposits.
However, a slightly positive development emerged with the modification of Circular 158, which aims to alleviate losses on depositors.
One of the latest steps taken was the amendment of Circular 158.
According to this Circular, depositors could withdraw $400 monthly from their accounts and an additional $400 in Lebanese lira at the fixed rate of LBP 15,000 per dollar. Under the new amendment, the Lebanese part will be eliminated, and depositors will be able to withdraw the $400 until the deposits in their accounts are exhausted, as specified in the Circular.
Moreover, if a depositor wishes to renew or open a new account, they will be limited to a monthly withdrawal of $300 under the recent amendment.
While eliminating the Lebanese part of the Circular means eliminating losses, especially with the market exchange rate surpassing LBP 90,000 per dollar, depositors need to be cautious about the extended deadline for recovering their deposits. For instance, under the previous Circular, one could recover $30,000 in approximately three years.
However, with the amendment, if a depositor withdraws $400 per month, it would take over six years. If the withdrawal amount is reduced to $300, it would take over eight years.
The predicament is that the $30,000 is losing its value over time. Instead of being able to withdraw and invest profitably or purchase a car or a shop, depositors are left with minimal and interest-free withdrawals. However, there is no other choice.
Banks, once they begin implementing the amendments, await logistical preparations, and depositors show little enthusiasm for the changes made to Circular 158, resulting in a modest bank activity level.
Lebanon News
Lebanon Economy
News Bulletin Reports
Circular
Amendments
Implications
Challenges
Lebanese
Depositors
Banks
BDL
Lebanon
Next
Twitter vs. Threads: Zuckerberg challenges Musk's Twitter in social media showdown
Energy transition summit: Saudi Arabia and Russia unveil oil production plans amidst global challenges
Previous
Related Articles
d-none hideMe
0
News Bulletin Reports
2024-05-11
Challenges and Initiatives in Managing the Syrian Presence in Lebanon
News Bulletin Reports
2024-05-11
Challenges and Initiatives in Managing the Syrian Presence in Lebanon
0
News Bulletin Reports
2024-05-11
Syrian Workers in Lebanon: Legal Status and Deportation Challenges
News Bulletin Reports
2024-05-11
Syrian Workers in Lebanon: Legal Status and Deportation Challenges
0
Lebanon News
2024-05-09
Lebanon's Foreign Minister seeks Qatar's help in evacuating stranded Lebanese families
Lebanon News
2024-05-09
Lebanon's Foreign Minister seeks Qatar's help in evacuating stranded Lebanese families
0
News Bulletin Reports
2024-05-01
Lebanon's Response to the French Proposal: Assessing Implications for Israel Relations
News Bulletin Reports
2024-05-01
Lebanon's Response to the French Proposal: Assessing Implications for Israel Relations
Recommended For You
d-none hideMe
0
News Bulletin Reports
12:33
Eurovision Contest: An arena for Israeli-Palestinian war
News Bulletin Reports
12:33
Eurovision Contest: An arena for Israeli-Palestinian war
0
News Bulletin Reports
12:30
Israeli internal discord deepens: Is a new plan being formulated for the Gaza war?
News Bulletin Reports
12:30
Israeli internal discord deepens: Is a new plan being formulated for the Gaza war?
0
News Bulletin Reports
12:27
Stranded Lebanese in Gaza: Lebanese nationals stuck in Gaza await passage
News Bulletin Reports
12:27
Stranded Lebanese in Gaza: Lebanese nationals stuck in Gaza await passage
0
News Bulletin Reports
2024-05-11
Israeli Military Escalates Operations in Gaza: Targets and Evacuations
News Bulletin Reports
2024-05-11
Israeli Military Escalates Operations in Gaza: Targets and Evacuations
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
Israel-Gaza War Updates
10:01
Police move in to end Pro-Palestinian protest at Amsterdam University
Israel-Gaza War Updates
10:01
Police move in to end Pro-Palestinian protest at Amsterdam University
0
Israel-Gaza War Updates
2024-05-10
UN warns of relief efforts cessation in Gaza within days
Israel-Gaza War Updates
2024-05-10
UN warns of relief efforts cessation in Gaza within days
0
Lebanon News
08:32
Strengthening military cooperation: General Aoun's Qatar visit
Lebanon News
08:32
Strengthening military cooperation: General Aoun's Qatar visit
0
Lebanon News
2024-05-02
US Treasury designates five individuals and two Lebanon-based companies for aiding Hezbollah money exchanger
Lebanon News
2024-05-02
US Treasury designates five individuals and two Lebanon-based companies for aiding Hezbollah money exchanger
Videos
d-none hideMe
0
Lebanon News
2024-04-30
University Students Organize Solidarity Protest for Palestine (VIDEO)
Lebanon News
2024-04-30
University Students Organize Solidarity Protest for Palestine (VIDEO)
0
Lebanon News
2023-12-11
Breaking: Israel launches raid north of Litani on Monday (Video)
Lebanon News
2023-12-11
Breaking: Israel launches raid north of Litani on Monday (Video)
0
Lebanon News
2023-11-02
Exclusive to LBCI: U.S. State Department's Wooster Stresses Lebanon Must Avoid War, Sees Renewed Push for Two-State Solution
Lebanon News
2023-11-02
Exclusive to LBCI: U.S. State Department's Wooster Stresses Lebanon Must Avoid War, Sees Renewed Push for Two-State Solution
0
Lebanon News
2023-10-18
Protests Erupt near US Embassy in Awkar Against Israeli Attacks on Al-Maamadani Hospital in Gaza
Lebanon News
2023-10-18
Protests Erupt near US Embassy in Awkar Against Israeli Attacks on Al-Maamadani Hospital in Gaza
0
Lebanon News
2023-10-05
ATFL's Ambassador Edward Gabriel on Navigating Through Economic, Political, and Refugee Crises
Lebanon News
2023-10-05
ATFL's Ambassador Edward Gabriel on Navigating Through Economic, Political, and Refugee Crises
0
Sports News
2023-08-31
Amir Saoud Powers Lebanon to Victory Over Cote d'Ivoire: A Deep Dive Into The Numbers
Sports News
2023-08-31
Amir Saoud Powers Lebanon to Victory Over Cote d'Ivoire: A Deep Dive Into The Numbers
0
Sports News
2023-08-29
France Edges Past Lebanon in a Nail-Biter at FIBA World Cup 2023: A Statistical Deep Dive
Sports News
2023-08-29
France Edges Past Lebanon in a Nail-Biter at FIBA World Cup 2023: A Statistical Deep Dive
0
Lebanon News
2019-02-28
Pierre el-Daher, the man who defeated the Lebanese Forces
Lebanon News
2019-02-28
Pierre el-Daher, the man who defeated the Lebanese Forces
Most read
d-none hideMe
24 hours
7 days
Month
1
News Bulletin Reports
12:27
Stranded Lebanese in Gaza: Lebanese nationals stuck in Gaza await passage
News Bulletin Reports
12:27
Stranded Lebanese in Gaza: Lebanese nationals stuck in Gaza await passage
2
Lebanon News
07:14
Hezbollah claims responsibility for targeting site in northern Israel, four Israeli soldiers injured
Lebanon News
07:14
Hezbollah claims responsibility for targeting site in northern Israel, four Israeli soldiers injured
3
Lebanon News
05:07
Atallah to LBCI: FPM-Hezbollah relationship is strained, Bkerke paper to be announced soon
Lebanon News
05:07
Atallah to LBCI: FPM-Hezbollah relationship is strained, Bkerke paper to be announced soon
4
News Bulletin Reports
12:33
Eurovision Contest: An arena for Israeli-Palestinian war
News Bulletin Reports
12:33
Eurovision Contest: An arena for Israeli-Palestinian war
5
News Bulletin Reports
12:30
Israeli internal discord deepens: Is a new plan being formulated for the Gaza war?
News Bulletin Reports
12:30
Israeli internal discord deepens: Is a new plan being formulated for the Gaza war?
6
Lebanon News
08:32
Strengthening military cooperation: General Aoun's Qatar visit
Lebanon News
08:32
Strengthening military cooperation: General Aoun's Qatar visit
7
Israel-Gaza War Updates
00:28
Egypt to support South Africa's lawsuit against Israel at ICJ
Israel-Gaza War Updates
00:28
Egypt to support South Africa's lawsuit against Israel at ICJ
8
Israel-Gaza War Updates
05:21
Hamas Health Ministry warns of Gaza healthcare system collapse within 'few hours' due to fuel shortages
Israel-Gaza War Updates
05:21
Hamas Health Ministry warns of Gaza healthcare system collapse within 'few hours' due to fuel shortages
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More