The Secretary General of the Association of Banks in Lebanon Dr. Makram Sader sent the following circular to all bank members:

In these difficult political and economic circumstances intensified by the Covid-19 pandemic, and in response to the questions raised by some associations representing depositors (The Association of Depositors and others) regarding some measures taken by banks recently, the ABL recommends banks the following:

First: consult depositors regarding the closure of their accounts and adopt a flexible approach in these difficult circumstances, and maintain and increase accounts as well, especially those belonging to the employees of both the public and private sectors, in order to facilitate the payment of salaries and other allowances they receive.

Second: concerning the Fresh money and according to the circulars issued by the ABL and the BDL (Central Bank), banks shall respect the freedom of depositors to access their fresh dollar accounts and to withdraw in cash or transfer abroad, including the use of credit cards and transfers for students abroad, without any charges than the recognized bank charges.

Third: according to BDL circulars, banks will continue to accept repayments in LBP of consumer loans designated in USD at the exchange rate used by banks to deal with BDL. As for the other loans, they should be repaid either in USD or in LBP at an exchange rate that allows the reconstitution of the value of the loan’s original amount by buying the equivalent from the central bank. In this case, banks will not need to refer to the guarantor account and clients will commit to respect the schedule approved by both the client and the bank.

Communication & PR Department