Banks in Lebanon will soon be required to start paying a monthly sum of $400 and their equivalent in Lebanese pounds to holders of accounts dating before October 2019, according to a new decision by the Central Bank of Lebanon.
It was decided during the meeting that banks would have to pay the aforementioned amount on a monthly basis in fresh U.S. dollars.
The BDL will soon issue a circular that includes the details of the decision, according to a statement issued by the BDL media department.
The statement noted that the amounts that banks will pay in the first year “will be paid from their accounts at correspondent banks abroad, which range between one billion and two hundred million U.S. dollars.”
Additionally, banks will be allowed to withdraw the same amounts from the Central Bank, in exchange for mandatory investments.