The Central Bank (BDL) announced Wednesday that it will increase, on March 1, the monthly withdrawal limits of circulars No. 158 and 166, after consultation with President Joseph Aoun, Prime Minister Nawaf Salam and Finance Minister Yassine Jaber.

“The Central Bank has decided to increase the monthly withdrawal limit of circular No. 158 to $500 and that of circular No. 166 to $250 starting March 1,” BDL said in a statement. It also reiterated “the necessity to adopt laws that guarantee the return of depositors’ funds,” ensuring it is in contact with the government and Parliament and putting “all its means toward achieving this goal.”

For this measure to take effect, and barring any surprises, BDL is expected to issue interim circulars modifying previous mechanisms to implement the new decision.

Read more

The Lebanese state wants to undergo a transformation, but has no money

BDL had exceptionally increased from last October the measures allowing the withdrawal of three times the authorized amount for that month and twice the amount for the subsequent months of November, December 2024, and January 2025, before suspending this exceptional derogation in February. BDL told L'Orient Today that it opted for “a return to normal until a new government is formed, with which discussions will be initiated to increase monthly payments.”

Valid until June 2025, unless their expiration date is amended, circulars No. 158 and 166 are part of the measures implemented by BDL since the beginning of the banking crisis in 2019, to partially compensate for the restrictions imposed by Lebanese banks on "lollar" (bank dollars) accounts opened before the end of 2019.