Lebanon Businessnews News

Banks pledge to ease
transfers and withdrawals
Deposits in dollar

will not be forcefully converted into lira

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The banks have agreed with top judicial authorities to abide for one year by rules to deal with capital control measures.

The banks will allow depositors to withdraw in cash from their lira deposits up to LL25 million per month ($16,600 as per the official rate, $12,500 according to the ceiling imposed on foreign exchange counters, and $10,000 as per today’s effective street rate).

They have also committed not to convert deposits from dollars into liras without the depositor’s consent.

The banks have pledged to provide liquidity for the imports of basic food products that are not produced in Lebanon.

They will pay in full, to beneficiaries, fresh money transferred from abroad.

They have also committed to allow their customers to transfer money abroad in foreign currencies for tuition and medical expenses as well as for paying taxes and other necessary needs.

Bank employees will be allowed to cash in their salaries in full and in lira without installment.

The banks will continue to provide the required financing for the imports of medical equipment and other supplies according to the agreement reached with the Central Bank.

These decisions came following meetings held between the banks’ legal representatives and the Association of Banks on one hand and the State Prosecutor Ghassan Oueidat and Financial Prosecutor Ali Ibrahim and two attorney generals at the Court of Cassation on the other.
Reported by Shikrallah Nakhoul
Date Posted: Mar 11, 2020
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