The Lebanese Central Bank issued on January 20, 2023 intermediate decision 13528 under intermediate circular 659 directed to banks and financial institutions concerning their foreign currency positions, amending thereby two decisions (6568 and 6939). In details, the circular amended decision number 6568 by requesting banks to close their negative foreign currency positions (based on end of year 2022 balances) gradually over a period of five years starting the year 2023. However, BDL conditioned that banks must close said positions by at least 20% per year. In addition, the circular modified decision number 6939 by prohibiting banks from distributing dividends to common shareholders for the years 2019 through 2022. The circular also consented banks to include 50% (compared to 100% previously) of any gains arising from the revaluation of their real estate portfolio (whether owned directly or indirectly) in their common equity in fresh U.S. dollar at the Sayrafa rate, subject to BDL’s approval and on the condition that the revaluation exercise is performed before end of year 2023. The provision of the said circular allow banks to perform regular updates of this revaluation exercise of their real estate properties as well as their long-term loans & participations (approved by BDL) in banks and financial institutions outside Lebanon at the end of each year and over a period of five years in fresh USD at the prevailing Sayrafa exchange rate.