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Circular 166: BDL introduces new circular instead of Circular 151 to alleviate depositor losses
News Bulletin Reports
2024-02-02 | 13:05
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Circular 166: BDL introduces new circular instead of Circular 151 to alleviate depositor losses
Report by Yazbek Wehbe, English adaptation by Yasmine Jaroudi
Banque du Liban (BDL) is set to launch Circular 166, replacing the current Circular 151, in an effort to mitigate the losses suffered by depositors and relieve financial pressures.
The upcoming circular allows depositors to withdraw a cash sum of $150 per month from a single bank account, regardless of whether the account was opened before or after October 17, 2019. Additionally, the account size is not a limiting factor.
To ensure fair implementation, depositors must lift the bank secrecy on their accounts, preventing them from benefiting from the circular with multiple accounts across different banks.
Moreover, beneficiaries of Circular 158, receiving between $300 and $400 monthly, are excluded from the new circular.
Financial sources estimate the total cost of this directive to range between $360 million and $450 million annually, shared among the banks and the BDL.
Association of Banks' sources indicated to LBCI that while major banks could implement the new circular, others lacking necessary liquidity might face challenges that could impact their stability. These banks are awaiting further clarification on the circular.
It is worth noting that Circular 158 incurred a cost of $1.78 billion between the BDL and the banks from June 2021 to April 2023, according to BDL numbers.
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