The Banque du Liban issued Intermediate Decision No. 13355 regarding the facilities that the Central Bank may grant to banks and financial institutions, in order to secure foreign currencies for import operations, in light of the current exceptional circumstances.
The Bank of Lebanon decided the following:
Article One: The text of Clause (1) of Paragraph First of Article Fourteen of Basic Decision No. 6116 dated 7/3/1996 shall be repealed and replaced with the following text:
1- The value of the invoices allocated, exclusively, to the import of oil derivatives (gasoline, diesel, gas).
Article Two: The text of the section “sixth bis” of Article Fourteen of Basic Decision No. 6116 dated 7/3/1996 is repealed and replaced with the following text:
“The customer pays the percentage required to be covered in accordance with the provisions of this article to the concerned bank in cash, in Lebanese pounds, on the basis of:
A- The exchange rate determined on the electronic platform for exchange operations, Sayrafa, with regard to oil derivatives (gasoline, diesel, gas).
B- The exchange rate set for the Central Bank of Lebanon’s transactions with banks (1507.5 Lebanese pounds per US dollar) with respect to other materials: wheat, medicines, medical supplies, infant milk up to one year of age, and medical materials used in the pharmaceutical industry.
The bank is required to deposit these amounts, in banknotes, in the Banque du Liban in order to secure the foreign currencies needed for the import process.
Article Three: This decision shall be effective immediately upon its issuance.
Source: Consumption of Lebanon