ABL and Sector News

ABL explains BDL's Circular 159

August 30 2021

In Response to all the information and interpretations related to BDL’s Circular 159, the Association of Banks in Lebanon would like to clarify that the circular aims at controlling banks’ internal operations and does not affect customers in any way, especially regarding the withdrawal of foreign transferred funds. Said withdrawals are ensured by Circular 150 issued by the BDL on 9 April 2020, as well as the clarification issued by the BDL on 26 August 2021, which assured depositors that they are free to use the transferred funds, and which stated clearly that buying foreign currencies by banks occurs upon the request of customers.

There is no need to worry about transfers coming from abroad to Lebanese banks, for they will be free to use according to the need of the receivers.

Hence, BDL’s decision aims at tightening controls to maintain the safety of the banking sector and ensure the rights of the customers, and it contributes to documenting the compliance in the frame of banking operations, in the best interest of the depositors and the sector.

Communication & PR Department

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