The facade of the Central Bank, in the Hamra neighborhood, in Beirut. (Credit: Fouad Gemayel)
On Tuesday, the Central Bank (BDL) issued Basic Circular No. 169, aimed, according to its title, at “ensuring fairness in the repayment of deposits denominated in foreign currencies,” in which it announced a single measure.BDL instructed Lebanese banks to “refrain from disbursing any amount from foreign currency accounts held with them before Nov. 17, 2019 ... beyond the limits set by BDL regulations, and this without obtaining prior written approval.” These limits, set by two mechanisms established under BDL Circulars No. 158 and 166, are now equivalent to $800 and $400, respectively, as of July 1, following their most recent revision last month.These two measures are part of the mechanisms gradually implemented by BDL to partially compensate for the restrictions imposed by banks on “lollar” accounts opened before the end of 2019. ...
On Tuesday, the Central Bank (BDL) issued Basic Circular No. 169, aimed, according to its title, at “ensuring fairness in the repayment of deposits denominated in foreign currencies,” in which it announced a single measure.BDL instructed Lebanese banks to “refrain from disbursing any amount from foreign currency accounts held with them before Nov. 17, 2019 ... beyond the limits set by BDL regulations, and this without obtaining prior written approval.” These limits, set by two mechanisms established under BDL Circulars No. 158 and 166, are now equivalent to $800 and $400, respectively, as of July 1, following their most recent revision last month.These two measures are part of the mechanisms gradually implemented by BDL to partially compensate for the restrictions imposed by banks on “lollar” accounts opened before the end...
