Blog
Lama Hajj

Banks Announce Capital Control Measures In Lebanon

Despite Central Bank governor Riad Salameh’s insistence on the rejection of enforcing capital controls because “the country depends on the free movement of money” – new private bank policies are suggesting otherwise.

In a seven point press release shared on Sunday November 17th by the Association of Lebanese Banks, the following measures (described as temporary) were announced to be under discussion with the Central Bank:




1. A weekly $1,000 cash withdrawal limit on dollar accounts.


2. No restrictions on new funds transferred from abroad.


3. Transfers abroad can only be made to cover “dire necessary expenses”.


4. No restrictions on checks, transfers, or credit cards.


5. Checks issued in dollars are to be deposited in accounts, and not cashed.


6. Overdraft credit extensions can be used at the balance dated October 17, 2019.


7. Encouraging customers to use credit cards, particularly in Lebanese Lira.


Here were some comments on the matter:






While most of these measures have been informally adopted since the banks reopened, this is the first time they are issued in a formal manner. Meanwhile, banks remain closed and on strike.

Here’s a look at the press release: