Commercial banks operating in Lebanon abide by the Lebanese laws and circulars published by the BDL (Central Bank), and they are currently operating in very exceptional circumstances. Therefore, the Association of Banks in Lebanon would like to clarify the following:
The limits on cash withdrawals that banks are forced to apply are due to the Central Bank’s reduction of the limits on cash allowed for banks to withdraw according to a quota that is set for each bank. Therefore, banks cannot provide banknotes more than the limit secured by the BDL, especially that clients are withdrawing banknotes without deposits that could compensate the continuous demand on cash.
According to this fact, banks asked companies wishing to raise the applicable limits in order to pay the salaries of their employees to contribute in providing cash, especially if they are receiving it in exchange for their services.
The ABL hopes that Lebanon will overcome these difficult times and that a government will be soon be formed after more than a year of vacuum, which exacerbated the economic collapse and its repercussions that affected all sectors operating in Lebanon and the Lebanese people.
Communication & PR Department