BDL statement on exceptional arrangements for gradual withdrawal of foreign currency deposits

The Banque du Liban (BDL) has issued an Intermediary Decision attached to the Basic Circular No. 158 dated May 15, 2023, regarding the amendment of Basic Decision No. 13335 dated August 8, 2021 (Exceptional Arrangements for Gradual Withdrawal of Foreign Currency Deposits).

According to the statement, the BDL has decided as follows:

1. To cancel the introductory text of the first paragraph of Article 4 of Basic Decision No. 13335 and items (1) and (2) of the mentioned paragraph, replacing it with the following:

   First: Withdrawals from "special subsidiary accounts" opened shall be made as follows:

   1. Concerning beneficiaries of the provisions of this decision before July 1, 2023, a monthly $400 banknote shall be made to the account holder and/or through transfers abroad and/or through banking cards that can be used in Lebanon and abroad and/or deposited in a new Fresh Account without arranging any direct or indirect fee or expense of any kind on this operation. The total annual withdrawal under item (1) shall be at most $800.

   2. Concerning customers who did not benefit from the provisions of this decision before July 1, 2023: A monthly $300 banknote shall be made to the account holder and/or through transfers abroad and/or through banking cards that can be used in Lebanon and abroad and/or deposited in a new Fresh Account without arranging any direct or indirect fee or expense of any kind on this operation. The total annual withdrawal under item (2) shall be at most $3,600.