The headquarters of the Banque du Liban in Beirut. (Credit: Illustrative photo by João Sousa/ L'Orient Today)
By deciding to permanently raise the monthly withdrawal ceiling allowed for by some of its circulars, the Banque du Liban (BDL) is attempting to send positive signals about the fate of deposits blocked in banks. In a statement published on Feb. 19, the BDL announced it would "increase the monthly withdrawal limits of circular No. 158 to $500 and that of circular No. 166 to $250 from March 1." However, the BDL has yet to issue circulars outlining how the changes will be implemented.Valid until June 2025, unless their expiration dates are revised, the main circulars, No. 158 and No. 166, are part of measures introduced by the BDL since the onset of the banking crisis in 2019. These measures aim to partially compensate for the unlawful restrictions imposed by Lebanese banks on "lollar" (bank dollar) accounts opened before the end of...
By deciding to permanently raise the monthly withdrawal ceiling allowed for by some of its circulars, the Banque du Liban (BDL) is attempting to send positive signals about the fate of deposits blocked in banks. In a statement published on Feb. 19, the BDL announced it would "increase the monthly withdrawal limits of circular No. 158 to $500 and that of circular No. 166 to $250 from March 1." However, the BDL has yet to issue circulars outlining how the changes will be implemented.Valid until June 2025, unless their expiration dates are revised, the main circulars, No. 158 and No. 166, are part of measures introduced by the BDL since the onset of the banking crisis in 2019. These measures aim to partially compensate for the unlawful restrictions imposed by Lebanese banks on "lollar" (bank dollar) accounts opened before the end of...