Banque du Liban (BDL) introduced Basic Circular 166 on 3 February 2024 to address unique measures regarding cash withdrawals from foreign currency bank accounts. Here, we provide essential information and clarifications related to this Circular, which facilitates withdrawals of up to USD 150 for eligible clients based on their account status before and after specific dates.

 

How can I withdraw my money and benefit from BDL Basic Circular 166? Do I need to visit the branch in person?

 

To benefit from BDL Basic Circular 166, contact the call center by dialing 1650 from any phone in Lebanon to verify your eligibility. The call center will then forward your request to your branch to schedule an appointment and sign the required documents.

 

You can also check your eligibility through the Byblos Bank Mobile App and submit your request online, if you have a Private account. For Joint accounts, you will need to visit your branch.

 

Will I need to sign any documents?

 

Yes, specific documents need to be signed. Eligible clients must sign an approval letter, a declaration, and a banking secrecy waiver.

 

Who can benefit from BDL Basic Circular 166?

 

You are eligible, if you meet the following criteria:

• Individual or Joint account holders;
• Positive Balance as of 30/06/2023 and available amounts until the date of signature;
• BDL 158 completed before 30 June 2024;
• You have not engaged in SAYRAFA transactions exceeding USD 75,000 or deposited trade checks into your accounts;
• Not affected by BDL CIRCULAR 154.

 

Can minors (less than 18 years old) benefit from BDL Basic Circular 166?

 

Yes, minors (less than 18 years old) can also benefit from BDL Basic Circular 166.

 

Can clients who are eligible for BDL Circular 158, but did not apply for it, benefit from BDL Circular 166?

 

Yes, a client who is eligible for BDL Circular 158, but did not apply to benefit from it, can benefit from BDL Circular 166.

 

Who is excluded from benefiting from BDL Basic Circular 166?

 

You are not eligible if you:

• Are currently benefiting from BDL Circular 158;
• Are affected by BDL Circular 154 and did not comply with the required percentage (15% or 30%);
• Traded checks into your accounts after 31/10/2019;
• Benefited from Sayrafa for amounts equaling or exceeding USD 75,000;
• ETB – Establishment and Companies excluded from BDL Basic Circular 166.

 

Can customers benefit from retroactive payments?

 

Yes, retroactive payments become effective once the Bank receives BDL approval, with the retroactivity starting from the date of the client’s signature of documents related to the circular. However, customers must sign these documents before June 30, 2024.

 

If I only have a joint account at the Bank, what is the amount from which I can benefit?

 

Both holders of a Joint Account should agree to benefit from BDL Basic Circular 166. A Private Account will then be opened for the beneficiary(ies). Joint accounts are eligible for up to USD 150 in total per month. Joint Holders will decide who will benefit.

 

Which card should I use to withdraw my money?

 

Use your existing debit card for cash withdrawals from Byblos Bank ATMs. Issuing a new debit card is not necessary.

 

Will I be asked to close my account(s) after withdrawing my money?

 

No, you will not be required to close your account(s) after withdrawing your money. However, the Bank reserves the right to close the account(s) based on the estimated time needed to withdraw the amounts.

 

Can I withdraw part of the amount available in my account, or do I need to withdraw the full amount?

 

You can withdraw part or all of the amount available in your account, either through Byblos Bank’s ATMs or by visiting the branch.

 

Can I perform more than one cash withdrawal operation?

 

Yes, you can perform multiple cash withdrawal operations.

 

If I have an eligible account in another bank, can I benefit from BDL Basic Circular 166 to withdraw money from my account(s) at more than one bank?

 

No, you can only benefit from BDL Basic Circular 166 to withdraw money from your account at one bank. You will sign a Banking Secrecy Waiver, which applies only to the account opened specifically for this purpose. You can only benefit from one bank in the country; otherwise, the amount paid shall be claimed back.

 

Can I withdraw money directly from my account, or will the eligible amount be transferred to another account?

 

When you decide to benefit from BDL Basic Circular 166, your branch will open one sub-account for the transactions:

1. A Special Sub-Account will receive the full eligible amount (with a maximum eligible amount of USD 4,350).
2. A special cash account will also be opened for monthly withdrawals of USD 150.

 

Will I be charged any fees?

Byblos Bank will not charge any fees on the Special Sub-Account specifically opened for BDL Basic Circular 166.

 

What happens after the depletion of the Special Sub Account opened for BDL Basic Circular 166?

 

After the Special Sub Account is depleted, the account will be closed.

 

Can I decide to stop benefiting from BDL Circular 166 at any time?

 

Yes, the account holder can return the amounts from the Special Sub Account to the original accounts at any time, and the amounts will no longer be subject to BDL Circular 166.