Banque du Liban (BdL) issued Intermediate Circular 728/13701 dated February 20, 2025 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.  First, it indicated that eligible depositors can withdraw from their ''Special Sub-Account'' $250 in banknotes monthly, up from $150 previously, 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.  Second, it said that the account owner can benefit from the terms of this circular for an amount that does not exceed $6,700 in total based on the available funds in the client's account at the relevant bank. Third, it indicated that if the account holder has multiple accounts at a specific bank, he/she must specify the account from where the funds will be transferred to the "Special Sub-Account".  It added that, in case a co-owner of a joint or collective account decides not to benefit from the circular, the other co-owners can benefit in full from the cash withdrawals. It stated that in case a client who has a joint account decides to benefit from the circular from his/her personal account, his/her partner can benefit from the joint account.  Fourth, it indicated that banks and BdL will equally source the foreign currency liquidity needed for the withdrawals of the first tranche of the amount up to $150, as BdL will source 50% the funds from freeing part of the compulsory reserves that commercial banks have at BdL, and banks will use their liquidity in foreign currency for this purpose. It noted that BdL will source the remaining balance of the amount from freeing part of the compulsory reserves that commercial banks placed at BdL.  Further, BdL issued Intermediate Circular 729/13702 dated February 20, 2025, 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.  First, it said that eligible depositors can withdraw from their ''Special Sub-Account'' $500 in banknotes per month, up from $300 or $400 per month depending on the date they started to benefit from the terms of the original circular, and/or they can transfer the sum abroad or deposit it in a ''fresh dollar'' account, and/or use the amount through payment cards in Lebanon and abroad, without incurring any commission or direct or indirect fees of any kind. The circular amended the annual withdrawal limit from all banks during the current cycle that ends in June 30, 2025 to $7,200 for clients who benefitted from the circular before July 1, 2023 and to $5,900 for those who started to benefit from the circular after July 1, 2023.  Second, BdL stated that in case two or more persons with a joint account decide to benefit from the circular, they will receive the funds on a prorata basis based on their contribution from the joint account to the "Special Sub Account".  Third, it indicated that, in the case of clients who benefitted from the circular before July 1, 2023, banks and BdL will equally source the foreign currency liquidity needed for the withdrawals of the first tranche of the amount up to $400, as BdL will source 50% of the amount from freeing part of the compulsory reserves that commercial banks have at BdL, and banks will use their liquidity in foreign currency for this purpose. It added that BdL will source the remaining balance of the amount from freeing part of the compulsory reserves that commercial banks placed at BdL.  Fourth, it said that, in the case of clients who benefitted from the circular after July 1, 2023, banks and BdL will equally source the foreign currency liquidity needed for the withdrawals of the first tranche of the amount up to $300, as BdL will disburse 50% of the funds from freeing part of the compulsory reserves that commercial banks have at BdL, and banks will use their liquidity in foreign currency for this purpose.  (ICE BEIRUT)

Fonte notizia: Byblos Bank, February 24- March 1, 2025