Banque Du Liban (BDL) announced on Thursday that it would be extending the effects of Circulars 158 and 166.
In a communique, the financial institution stated that the Central Council, which met on Wednesday, decided to extend the validity of Circulars 158 and 166 for one year, with the possibility of renewal, effective starting July 1, 2024.
BDL’s Circular 158, which came into force in June 2021, outlines the modalities for the exceptional progressive repayment of foreign currency deposits for holders of foreign currency bank accounts, based on their balances before October 31, 2019.
Circular 166, which allows certain depositors to withdraw $150 per month from their accounts, was implemented in February this year.
However, to broaden the range of beneficiaries, both circulars have been amended. These amendments include several key provisions. Firstly, applicants are allowed to choose which circular they wish to benefit from. Additionally, beneficiaries of Circular 158 are also given the option to take advantage of Circular 166. The amendments also extend benefits to minor child accounts.
Moreover, the application of Circular 166 has been expanded to include accounts considered a continuation of accounts opened before June 30, 2023, with the same bank. This includes, for example, joint accounts that have become individual accounts (and vice versa), accounts transferred to heirs and blocked accounts that have become active.
