On 08 June 2021, BDL issued the circular 158 related to cash withdrawals from foreign currency bank accounts opened before 31/10/2019.
Here below the FAQ regarding this circular:
Starting date of BDL circular 158?
Who is eligible for BDL circ 158?
- All individual/physical persons
- Residents/Non- residents
- Minors having Foreign currencies accounts as at 31/10/2019 and whose accounts are still currently active
Who is not eligible for BDL circ 158?
- Establishments
- Companies
- Sole proprietorship
- NGO’s and public sector institutions
- Banks and financial institutions (Resident/Non-resident)
- Customers that are subject to BDL circ 154 and didn’t channel back the requested balance
How to know if you are eligible?
- Eligible clients will receive an SMS to visit their branches for final decision on whether accepting or refusing BDL circ 158
Maximum amount of withdrawals for the year (01 july 2021 - 30 june 2022)?
- 400$/month in USD banknotes
- 400$/month converted to LBP at rate LBP 12.000 (50% to be withdrawn in cash through FSB ATMs and 50% to be used through a debit POS card for local purchases)
Can we benefit from the USD banknotes only?
- No, it is mandatory to benefit from both amounts in USD and LBP as conditioned by BDL circ 158
How to apply for BDL circular 158?
- By visiting your branch and signing the related documents
Can we refuse to benefit from BDL circ 158?
Is there a deadline to apply to BDL circ 158?
Is there a special account for this operation?
- Yes, the bank will open the following sub accounts for this operation:
- A Special Sub-Account to which the desired eligible amount will be transferred by the client (with a maximum amount of USD 50,000)
- A fresh USD account to which USD 400 will be automatically transferred on a monthly basis, to be withdrawn in cash
- An LBP current account to which the equivalent in LBP of USD 200 will be automatically transferred on a monthly basis at LBP 12.000 exchange rate. LBP pounds to be withdrawn in cash from ATM.
- An LBP POS account to which the equivalent in LBP of USD 200 will be automatically transferred on a monthly basis at LBP 12.000 exchange rate. Amounts to be used through a debit card for local purchases.
Will I be charged any fees?
- No fees on the special sub-accounts related to BDL circular 158
Can I withdraw part of the amount available in any of the accounts related to the Special Sub- Account?
- Yes, you can withdraw part or all of the amounts available in these accounts
Can I still benefit from BDL circ 151 if I agree to benefit from BDL Circ 158?
- No, once you decide to benefit from BDL circ 158, you can no longer benefit from BDL circ 151. You can benefit from Circ 151 only on your salary account if your salary is paid in USD.
What happens if the client refuses to benefit from BDL circ 158?
- The client will keep on benefiting from BDL circ 151
Will banking secrecy be revealed on all client’s accounts?
- No, only the Special Sub-Account related to BDL circ 158 will be subject to banking secrecy
What if the client holds accounts in foreign currencies other than US dollar?
- Whatever the foreign currency, the eligible amount will be converted into USD
Can the client benefit from BDL circ 158 if accounts balances were converted to US Dollar after 31/10/2019?
- No, only eligible clients that held foreign currencies accounts as at 31/10/2019 and whose accounts are still active can benefit from BDL circ 158
Can I transfer part of the eligible amount to benefit from BDL circ 158?
Can I switch to BDL circ 151 after withdrawing all the eligible amount related to BDL circ 158?
- Yes, if BDL circ 151 is still applicable
How holders of many joint accounts can benefit from BDL circ 158?
- Each party of the joint accounts can benefit or refuse to benefit from this circular. In case of acceptance, concerned parties have to agree and to commit to whom would benefit from each eligible joint account (amount not to exceed USD 50,000 )
If any of the parties in joint accounts refuse to benefit from BDL circ 158, what will happen?
- In this case, the parties who refuse to benefit from BDL circ 158:
will keep benefitting from BDL circ 151 on their individual accounts
- The other parties who agree to benefit from BDL circ 158 have to:
Transfer to their individual accounts the eligible amount agreed upon by all parties of the joint accounts, in order to benefit from BDL circ 158 each from his individual account
If I benefited from BDL circ 151 after 01/07/2021 and decided to switch to BDL circ 158, what will happen?
- In this case, you will benefit from BDL circ 158 the following month after the opening of the special account related to BDL circ 158
- There is a deadline to declare wanting to benefit from BDL circ 158, and it is 30/09/2021.
If I started to benefit from BDL circ 158, can I later on stop?
- Yes, but once decided to stop, you will be no more eligible to BDL circ 158
What will happen to the balance available in the Special Sub-Account related to BDL circ 158 if I decided to stop benefiting?
- You can transfer back the available balance in this Special Sub-Account related to BDL circ 158 to your already existing accounts
Can I accumulate the monthly eligible amounts generated from BDL circ 158?
- Yes, you are not obliged to use your quota on a monthly basis
Can the holder of a proxy sign the documents related to BDL circs 158 and 151?
- Can the holder of a proxy sign the documents related to BDL circs 158 and 151?
Can the holder of a proxy sign the documents related to BDL circs 158 and 151?
- Yes, in case mentioned clearly in the proxy
