Lebanon Businessnews News

Checks and credit cards
allowed for local transactions
Unlimited withdrawals in LL

$1,000 per week

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The banks will not impose restrictions on domestic money transfers and on domestic transactions in checks and credit cards, according to temporary measures taken by the Association of Banks after consultations with the Central Bank.

Bank customers could carry out transfers abroad only to cover urgent personal needs, the ABL said in a statement.

Holders of current accounts in dollars are allowed to withdraw a maximum cash amount of $1,000 per week.

Money paid through checks issued in foreign currencies must be settled only by depositing the amount into a bank account.

Credit facilities granted for commercial purposes will be restored to their balances as on Oct. 17.

Customers are being encouraged to give priority to using their credit cards, especially in lira, for necessary payments.

The ABL said that fresh funds transferred from abroad will not suffer any restrictions.

These temporary measures were taken as a prelude for resuming banking activities, according to the ABL.
Reported by Shikrallah Nakhoul
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Date Posted: Nov 18, 2019