The Lebanese Central Bank issued on September 23, 2022 intermediate decision 13475 under intermediate circular 640, which amends basic decisions no. 6116, 6180, 6367 and 7835 and is directed to banks, financial institutions and leasing companies. In details, the circular replaces the LIBOR on a plethora of products with the SOFR (Secured Overnight Financing Rate) added a spread to be determined by the ISDA (International Swaps and Derivatives Association) organization, on top of the unchanged additional spread tied to each product. This move comes in the light of the global decision to abandon the LIBOR as a benchmark rate by end of June 2023. Finally, the circular mentioned that these adjustments will come into effect as of July 1, 2023.