The Central Bank of Lebanon issued on February 2, 2024 basic decision 13611 under basic circular 166 directed to banks concerning the gradual payment of foreign currency deposits constituted after October 31, 2019.

Specification of Eligible Accounts:

• Banks identify all foreign currency deposits created after 31/10/2019 held by any resident or non-resident Natural person, excluding cash money accounts as defined in BDL Basic Circular No. 165.
• Eligible amounts are calculated based on the account balance as of 30/06/2023.

Exclusion Criteria:

Determine unqualified account holders as per specified exclusion criteria.

• Persons listed in Article (2) of BDL Basic Circular No. 154 who haven't returned the required proportion.
• Individuals engaged in check trading after 31/10/2019.
• Individuals converting deposits equivalent to or exceeding USD 300,000 from LBP into foreign currencies after 31/10/2019. (Excluding end-of-service compensations).
• Persons who settled in LBP, after 31/10/2019, loan balances granted to them in foreign currencies equivalent to, or exceeding USD 300,000.
• Individuals converting loan balances equivalent to or exceeding USD 300,000 from foreign currencies into LBP after 31/10/2019.
• Persons benefiting from purchases equivalent to or exceeding USD 75,000 at Sayrafa rate.

Clients benefitting from BDL Basic Circular No. 158:

• An account holder who has benefited or is currently benefiting from BDL 158 is not eligible to benefit from Circular 166 on any individual, joint, or co-joint account at any bank.

Account Holder Obligations:

Client should visit the branch to check eligibility and sign

• Banking secrecy waiver on "Special Sub Accounts" exclusively in favor of BDL and BCCL.
• Statement confirming that he did not execute any transaction listed in the Exclusion criteria

Withdrawal Procedure from "Special Sub Account":

• Monthly withdrawals of USD 150 in banknotes or via outgoing international transfer or deposit in a Fresh Account.
• Total annual withdrawals in USD from all banks shall not exceed USD 1,800, with a total of USD 4,350 allowed for a period of 29 months.