Your dollars, your options: Making the most of Circular 158 amendments

For those who had dollars before the crisis but decided to close their account at a specific bank after October 31, 2019, and transferred their funds to another bank, or for those who chose to distribute their dollars across multiple banks after the crisis:

If you fall into these categories, you can now benefit from Circular 158, which allows you to withdraw $400 monthly. 

This opportunity is now extended beyond those who kept their funds in the same bank since the crisis.

How can you benefit from this?

According to the new amendment, you should approach the bank where your funds are currently held. Obtain a certificate from them confirming that your funds were transferred from another bank and were present before the crisis.

Furthermore, take this certificate to the main bank where you transferred funds from, and they will open a dedicated account for you to benefit from the circular, even if your account with them was closed.

However, one of the main conditions of the circular is that the total amount eligible for each account per circular period is $50,000.

According to the Acting Governor of the Central Bank of Lebanon, Wassim Mansouri, this step comes as a result of reviews submitted by several depositors, and an agreement has been reached with the Association of Banks on its implementation.

On the other hand, some banking sources complain about the inability of all banks to comply with such a circular due to insufficient liquidity, especially since billions of dollars are reserved at the Central Bank of Lebanon.

However, the central bank seemed determined to enforce it, and sources confirmed that there are penalties for banks that do not comply.