The Lebanese Central Bank issued on August 26, 2020 intermediate circular no. 568 in which it amends article 3 bis. of BDL basic decision number 7776. In details, the circular stipulates:

-       That banks and financial institutions operating in Lebanon should accept the settlement of borrowers’ retail foreign currency loans or overdue installments (including personal loans) in Lebanese Pounds by adopting the exchange rate used in transactions between banks and the BDL (currently at 1,507.5 LBP per US dollar) conditional upon:

• The client being a resident borrower
• The client not having an account in foreign currency with the concerned bank that can be used to repay the loan installments
• The aggregate of residential loans extended to the client must not exceed $800,000 and other retail loans $100,000

All remaining facilities and loans (including commercial loans) will remain subject to the terms of the loan contract or the facility agreement between the client and the bank/ financial institution especially with regards to paying with the agreed upon currency

-       Banks and financial institutions operating in Lebanon should not accept the repayment of foreign currency commercial loans extended to non-residents except in fresh money transferred from abroad