On 8 June 2021, the Lebanese Central Bank (BDL) issued Lebanon Central Bank Circular No. 158/2021 (Lebanon Basic Decision No. 13335/2021) that sets out an exceptional framework allowing depositors to withdraw limited amounts denominated in foreign currencies.

The Banque du Liban (BDL) issued the Intermediate Circular No. 626/2022 (Lebanon Intermediate Decision No. 13447/2022) on 21 June 2022, Lebanon Central Bank Intermediate Circular No. 592/2021 (Lebanon Intermediate Decision No. 13352/2021) on 5 August 2021, and Lebanon Central Bank Intermediate Circular No. 597/2021 (Lebanon Intermediate Decision No. 13369/2021) on 29 September 2021 that amended Lebanon Central Bank Circular No. 158/2021 (Lebanon Basic Decision No. 13335 /2021), bringing clarity to some ambiguities and answering issues faced by banks and depositors in practice.

The purpose of Lebanon Central Bank Circular No. 158/2021 (Lebanon Basic Decision No. 13335/2021) is to

• (i) identify depositors, accounts and amounts that would be eligible under Lebanon Central Bank Circular No. 158/2021 (Lebanon Basic Decision No. 13335/2021),

• (ii) regulate the withdrawal procedure,

• (iii) identify the sources of financing and