BDL Circular 158
- Who can benefit from BDL Basic Circular 158?
Resident or non-residents individuals/physical persons that held Foreign Currency Yield (FCY) accounts as at 31 October 2019 and whose accounts are still currently active.
- Are institutions and companies eligible to benefit from the Circular?
No, establishments and companies are not eligible to benefit from BDL Basic Circular 158.
- What is the maximum limit?
The maximum eligible amount is USD 50,000, depending on the available balance in the account. The limit is USD 9,600 per year.
- How is the amount repaid?
The settlement is on monthly basis as follows:
- USD 400 paid in cash banknotes and/or via overseas transfer and/or via bank cards that can be used in Lebanon and abroad
- An amount in Lebanese Pounds equivalent to USD 400 based on the exchange rate determined on the Sayrafa electronic exchange platform (“Sayrafa”) at the relevant date or as per the relevant Central Bank statement, 50% of which is paid in cash banknotes and 50% via a bank card to be used within the Lebanese territory only.
- To which account is the eligible amount transferred to?
A special Sub Account will be opened for this purpose in the name of the client.
- Is the banking secrecy lifted on all the accounts of the account holder?
The Banking secrecy is lifted on the Special Sub Account (balance and transactions)
- Can the client benefit from both BDL Circulars 151 and 158?
No, once the client decides to benefit from BDL circular 158 he can no longer benefit from circular 151. He can benefit from Circular 151 only on his salary account if the salary is paid in USD.
- If the client decides not to benefit from the circular 158, will he still be able to benefit from circular 151?
Yes, he can still benefit from BDL Circular 151.
- 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 circular 158.