The Central Bank of Lebanon announced on Friday that depositors with accounts active as of October 2019 will be able to withdraw $400 per month, along with an equivalent amount in Lebanese pounds. The bank stated in a press release that further details on this decision will be outlined in a circular to be issued later, set to take effect on July 1.
Protesters in Beirut blocked roads with burning tires in response to the bank's announcement regarding the State Council's decision that prevents depositors from withdrawing their funds in dollars at a fixed exchange rate of 3,900 Lebanese pounds per dollar. However, Lebanese President Michel Aoun stated that a circular permitting depositors to withdraw from their dollar accounts at a fixed rate of 3,900 pounds to the dollar remains valid. A statement from the presidency, following a meeting that included Central Bank Governor Riad Salameh, indicated that "it was decided that Circular 151 remains in effect."
Lebanese banks have often restricted depositors from withdrawing from their dollar accounts and have banned transfers abroad. Under a circular issued by the central bank last year, depositors were allowed to withdraw in local currency from their dollar accounts at the fixed exchange rate of 3,900 pounds to the dollar. This represents about one-third of the dollar's value in the black market, but it was the only means for many Lebanese to access their funds.
