Banque du Liban (BdL) announced on February 19, 2025 that the BdL Central Council decided to increase the monthly withdrawalceiling for depositors who benefit from Basic Circular 158/13335 to $500, up from $300 or $400 per month, and to raise the withdrawal ceiling for beneficiaries of Basic Circular 166/13611 to $250 per month from $150 previously starting on March 1, 2025. BdL attributed the decision to its policy of increasing the withdrawal ceilings for the beneficiaries of the two circulars, in consultation with the President of the Republic, the Speaker of Parliament, the Prime Minister, and the Minister of Finance. Also, it reaffirmed the need to enact laws that address the recovery of deposits, and that it is working with the related stakeholders for this purpose.  BdL issued Intermediate Circular 720/13683 dated December 24, 2024 addressed to banks, which modified Basic Circular 158/13335 of June 8, 2021 about exceptional measures related to the gradual disbursement of deposits in foreign currency from accounts that clients opened prior to October 31, 2019. It also issued Intermediate Circular 721/13684 dated December 24, 2024 addressed to banks that modified Basic Circular 166/13611 of February 2, 2024 about exceptional measures related to the gradual disbursement of deposits in foreign currency from accounts that clients opened prior to June 30, 2023. It attributed the modifications of the two circulars to the special circumstances that the country is going through.  BdL stipulated that, exceptionally, beneficiaries can withdraw two additional monthly payments in October 2024, one extra monthly payment in November 2024, one additional monthly payment in December 2024, and one extra monthly payment in January 2025 according to the following mechanism. Also, it amended the ceiling for the beneficiaries of Basic Circular 158/1335 for the annual withdrawals from banks during the current cycle that ends on June 30, 2025 to $6,800 and $5,100, depending on the date they started to benefit from the circular, and to $2,550 for the beneficiaries of Basic Circular 166/13611. Further, it noted that an account owner who does not have enough funds in his/her ''Special Sub-Account'' to benefit from the additional withdrawals related to one of the two circulars can submit a request to increase the funds in the account up to the ceiling that allows his/her to benefit from this decision until it expires, whereby the beneficiary can withdraw the extra payments when the funds become available in the ''Special Sub-Account''.  Moreover, it said that it will source the liquidity for additional payments from the banks' reserve requirements in foreign currency at BdL, which it will free for this purpose.  Basic Circular 158/13335 indicated that eligible depositors can withdraw up to $400 in foreign currency banknotes per month for a 12-month period, and up to the equivalent of $400 converted to Lebanese pounds at the rate of LBP12,000 per US dollar, with half of the amount in Lebanese pounds disbursed in cash and the other half to be used through a payment card. BdL then issued Basic Circular678/13580 dated September 15, 2023 that canceled the Lebanese-pound component of Basic Circular 158/13335. Further, Basic Circular 166/13611 stipulated that eligible depositors can withdraw from their ''Special Sub-Account'' $150 in banknotes per month and/or they can transfer the sum abroad or deposit it in a ''fresh dollar'' account, without incurring any commission or direct or indirect fees of any kind. It added that the account owner can benefit from the terms of this circular for an amount that does not exceed $4,350 from all banks combined, and that he/she can withdraw a maximum of $1,800 per year. BdL provided a list of conditions that determine the eligibility of depositors for the two circulars. In parallel, BdL indicated that commercial banks disbursed a total of $3.24bn to 431,448 beneficiaries from the start of the implementation of the two circulars until November 30, 2024. (ICE BEIRUT)

Fonte notizia: Byblos Bank, February 17-22, 2025