BDL Governor & The Association of Banks in Lebanon (ABL) are seeking to legitimize the coercive measures being taken and have dispatched a circular to the government to regulate bank-customer relationships. In the mean time, the government is warning of “painful steps” (Painful on who exactly?) to avert total collapse as part of a “comprehensive rescue plan” to avert a total collapse of the country’s ailing economy.
As far as withdrawal limits are concerned, there’s a circular being shared over the weekend stating that ABL members have decided to reduce the cash withdrawals amount by 50%, yet there will be no official communication from ABL.
The client will be given he used to get, but twice a month instead of weekly, one time before the 15th of month, and one time after the 16th .
The amount / brackets are as follows:
< $100k == $300 < $1M === $500 > $1M === $1000
I am not sure how accurate this information is, but there aren’t any clear guidelines to begin with, and it’s a chaotic situation to say the least. Let’s wait and see what happens this week.