News Alerts

31 Jan 2020 | 02:28 PM UTC

Lebanon: Banks to ease financial restrictions January 30 /update 86

Lebanon News Alert

Banque du Liban and Association of Lebanese Bank announce relaxation of informal capital measures on January 30; protests remain possible

TIMEFRAME expected from 1/31/2020, 12:00 AM until 2/3/2020, 11:59 PM (Asia/Beirut). COUNTRY/REGION Lebanon

Read all related news alert(s):


On Thursday, January 30, Banque du Liban (BDL) and the Association of Lebanese Banks (ABL) agreed to relax informal capital control measures that have been in place in the country for several months, which have prompted protests and clashes between bank employees and clients. The key measure is the raising of the monthly withdrawal ceilings in pounds to 25 million Lebanese Pounds (LBP) (16,583 USD at the official rate) against an average of 4 to 7 million LBP. Further, transfers abroad are now capped at 50,000 USD. These policies are to be adopted at each bank's discretion.

Associated and anti-government protests over the coming days cannot be ruled out.


Mass protests originally broke out on October 17, 2019, after the government approved tax hikes on tobacco products and a daily tax on messages and calls done via the WhatsApp mobile phone messenger application. The protests forced the government to revoke the tax proposal and since then the demands evolved into calling for the resignation of the government. On October 29, Prime Minister Saad Hariri announced his resignation, and on January 21, his successor former education minister Hassan Diab, was appointed.


Individuals in Lebanon are advised to monitor developments to the situation, avoid demonstrations, anticipate a heightened security presence and disruptions to transportation and business near protest sites, and adhere to all instructions issued by local authorities.


Copyright and Disclaimer
GardaWorld is the owner or licensee of all intellectual property rights in the material presented on this website. All such rights are reserved. The use of this website and its material is subject to the Terms of Use and accordingly you must not use any content from this website for commercial or other analogous purposes without our consent, including but not limited to any deep-linking or framing in order to copy, distribute, display or monitor any portion of the website. If you have any questions or are interested in distributing any content from this website, Contact us for more details.

Related news