The Lebanese Central Bank issued on August 26, 2021 intermediate decision 13355 under intermediate circular 593 addressed to banks and financial institutions by amending article 14 of BDL basic circular 23 (BDL basic decision number 6116). In detail, the provisions of the circular stipulate that banks can resort to the Central Bank to conduct foreign exchange transactions exclusively dedicated to the import of fuel subsidies (gasoline, diesel, and gas), and this based on the value of the respective invoice. In addition, the circular stipulates that banks must request clients who are willing to import goods to settle the required threshold in LBP banknotes as follows:

-       At the applicable exchange rate specified on the electronic trading platform “Sayrafa” for the import of fuel subsidies (gasoline, diesel, and gas)

-       At the LBP 1,507.5/$ exchange rate for the import of wheat, medicine, medical supplies, baby formula and medical products that are used to manufacture medicine

Subsequently, the concerned bank must then deposit said amounts at the Central Bank in the form of banknotes in order to secure the required foreign currency to conduct the import operation.