On April 9 2020, the Central Bank of Lebanon issued decision n˚13217 that exempts Banks from mandatory reserve requirements and other compulsory placements against “Fresh Money” deposits on two conditions:
- Banks must grant depositors the freedom to use the aforementioned deposits and to benefit from all banking services without restrictions, including international wire transfers, cash withdrawals and card services in Lebanon and abroad.
- Banks must take the necessary accounting measures to monitor the use of the aforementioned funds (i.e. opening of a new account or a branch account).
In addition, decision n˚13217 provides that Banks continue to benefit from the exemptions after the conversion of the aforementioned deposits to another currency and that the exemption is transferred to the Bank where the aforementioned deposits have been transfered.