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BDL's new circular: Limiting monthly withdrawals to $150 amid economic crisis
News Bulletin Reports
2024-01-23 | 13:24
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BDL's new circular: Limiting monthly withdrawals to $150 amid economic crisis
To address Lebanon's economic challenges, the Banque du Liban (BDL) is reportedly drafting a new circular.
The new circular restricts individuals to withdrawing a maximum of $150 per month from their dollar-denominated accounts stuck in the bank, regardless of the account size or the period it was opened, whether before or after October 17, 2019.
However, the circular comes with three specific conditions for individuals seeking to benefit from this limited withdrawal option:
1- Individuals should not be currently enrolled in Circular 158, which allows monthly withdrawals of $300 or $400.
2- Beneficiaries can only withdraw from one account, even if they have multiple accounts in different banks. The withdrawal limit of $150 monthly applies to one account per individual.
3- The funds in the account must have legitimate sources, and individuals are not allowed to engage in speculative practices, such as purchasing undervalued checks for profit.
When will this new circular be activated?
The acting BDL governor, Wassim Mansouri, is awaiting the outcome of the budget session.
If the budget is approved and the exchange rate remains at LBP 15,000 to the dollar in banks, the circular is expected to be issued by the end of this month.
Nonetheless, the circular may not be issued if the Parliament approves the budget with an exchange rate of LBP 89,000 to the dollar. In this scenario, the governor deems it unnecessary, as depositors will automatically receive their funds at the new exchange rate, equivalent to the market rate.
Regardless of the fate of the circular, obstacles remain in its execution, with many banks expressing reservations about their ability to finance these monthly withdrawals, citing challenges in meeting the financial demands imposed by the circular.
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