BDL: Depositors to Start Withdrawing $400 Banknotes July 1

  • Economics
BDL: Depositors to Start Withdrawing $400 Banknotes July 1

The Central Bank on Tuesday ordered all Lebanese commercial banks to allow their customers with foreign currency accounts before October 30, 2019, to withdraw $400 in fresh dollars and the equivalent of $400 in Lebanese pounds at the rate of BDL’s platform starting from July 1, according to Circular 158.

According to the circular, the banks are obliged to comply with the new decision or they may be compelled to return the 3 percent liquidity to their correspondent banks and may even face penalties in accordance to the Money and Credit Law.

A banking source told The Daily Star that banks in general have agreed on the terms set by the Central Bank, adding that BDL expressed willingness to help any lender, case by case, if it were not able to meet these conditions.

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Source: The Daily Star