BDL Basic Circular 158
- What is BDL Basic Circular No. 158?
Basic Decision No. 133335 issued by BDL related to “Exceptional Measures for the Gradual Withdrawal of Deposits in Foreign Currencies” for accounts opened prior to 31 October 2019 and are still available till 30 June 2021 with balance still maintained after considering all loans, credit cards, transfers, …
- Who can benefit from the BDL Basic Circular No. 158?
Resident or non-residents individuals/physical persons that held Foreign Currency Yield (FCY) accounts as at 31 October 2019 and who are still maintaining the eligible balance.
- Are institutions and companies eligible to benefit from the Circular?
No, establishments and companies are not eligible to benefit from BDL Basic Circular No. 158.
- What is the maximum limit?
The maximum eligible amount is USD 50,000, depending on the available balance in the account. The maximum limit is USD 9,600 per year. However, the client has the right to enroll for one year and is renewable on anniversary day.
- In which accounts will the amounts related to Circular be settled?
Free of charge special Sub Accounts will be opened for this purpose in the name of the client.
- How is the amount repaid?
The settlement is on monthly basis as follows:
• USD400 paid into a designated fresh USD account.
• USD400 in LBP as follows:
- USD200 deposited in a designated account at the rate of LBP12,000 as per BDL Intermediary Circular No. 592 dated August 5, 2021 to be paid in Cash.
- USD200 deposited in a designated account at the rate of LBP12,000 as per BDL Intermediary Circular No. 592 dated August 5, 2021 to be used to settle dues through outgoing payment orders in Lebanon, banker checks issuance, domiciliated bills settlement, tax settlement and POS usage
- Is the banking secrecy lifted on all the accounts of the account holder?
In case client decided to benefit from the Circular, a Banking Secrecy Waiver is to be signed waiving the banking secrecy on the special sub accounts only.
- Can client benefit from BDL Basic Circular No. 158 and BDL Basic Circular No. 151 simultaneously?
No, client cannot benefit within the same bank from both BDL Basic Circular No. 151 and BDL Basic Circular No. 158 with an exception of salaries paid in foreign currencies.
- What if the client holds accounts in foreign currencies other than the US dollar?
The US dollar is the only currency of the Special Sub Account. Therefore, all foreign currencies are exchanged to USD in order to benefit from the BDL Basic Circular 158.
- In case of a Joint Account, can one of the account holders benefit from the BDL Basic Circular No. 151 while the other is benefitting from the BDL Basic Circular No. 158 on the Joint account?
Yes, client can benefit from the BDL Basic Circular No. 151 on his single account in case he did not benefit from the BDL Basic Circular No. 158 at same bank.
- What card should client use to withdraw money related to BDL Basic Circular No. 158?
In case client already holds a debit card (any type), he can link this card to the sub accounts related to the Circular. Otherwise, a new card will be issued.
- Is it possible for client to change his mind and stop to benefit after a while from BDL Basic Circular No. 158?
Benefiting client can at any time stop the BDL Basic Circular 158 implementations and thus he will be able to benefit from BDL Basic Circular No. 151 immediately.
- Can client change his mind and decide to benefit from BDL Basic Circular No. 158 even if he previously declared and signed that he does not?
Client, who signed that he does not want to benefit, can and at any time change his mind later on.
- How will Joint account holders benefit from the BDL Basic Circular No.158?
Client "A" and Client "B" hold a Joint account with a balance of USD100,000 and the eligible balance for BDL Basic Circular No. 158 is USD40,000.
- Client "A" can benefit from the Circular for USD40,000 alone by transferring the amount to his personal account.
- Client "B" can benefit from the Circular for USD40,000 alone by transferring the amount to his personal account.
- Both clients can benefit from a total of USD40,000 relatively, however taking into consideration balances eligible in their personal accounts or other joint accounts so that not to exceed the maximum of USD50,000
- Is it feasible for client to withdraw part of the eligible amount or accumulate the monthly payments?
Client can withdraw the most convenient amounts per month and will be able to withdraw any remaining balance in the future. Moreover, he can accumulate payments as deemed necessary.
- Can a proxy holder sign on behalf of the client to benefit and to withdraw the amounts related to BDL Basic Circular No. 158?
Client personally needs to sign related documents unless an external proxy mentions the ability to sign documents related to the BDL Basic Circular No. 158 as well as the related banking secrecy waiver.
As for withdrawals, it can be done by both internal and external proxies allowing regular withdrawals on account.