Lebanese Banks Capital Control

I find it hilarious that they force you to withdraw both $400 (fresh USD) and $200(they convert it to LBP at 12,000L.L). From what i heard you cant just withdraw $400.

In my opinion, Banque du Liban Circular No. 158 bore traps that topple a large part of the remaining dollars for depositors in banks. At the same time, the banks rejected it and tried to obstruct its progress towards implementation, refusing to release large amounts of dollars. The decision allows depositors to withdraw $400 in cash and $400, according to the exchange rate of 12,000 pounds. The banks returned from their decision, announcing the acceptance of the circular. The return raised questions, the indications of which soon emerged through the pledges that banks ask their depositors to sign. It is a legislation for theft, extortion and raising the rate of risk up to the point of losing money to the depositor.

The Governor of the Banque du Liban, Riad Salameh, wanted to relieve the pressure on his shoulders, and fend off accusations against him that he was covering and legalizing the banks’ seizure of depositors’ money. After a series of circulars that received a negative response, and that only succeeded in strengthening the control of the banks and preventing depositors from disposing of their money, without a legal reason, Salameh created his decision No. 158, placing through it the responsibility of holding deposits exclusively on banks, as if he was saying to depositors: I started the process of recovering your money, and what Banks only have to pay. Banks do not have enough liquidity to meet the withdrawal requests that will be poured on them in large quantities, so they expressed their unwillingness to implement the decision.

The conditions set by banks are illegal, to say the least, because they contribute to preventing depositors from withdrawing their deposits as they wish, especially since the Capital Control Law has not yet been officially approved. Second, the terms conflict with the core purpose of the central decision. Any mistake that the depositor may make in estimating the method of withdrawal and benefiting from the decision, may deprive him of his money, and not only of benefiting from the decision. To name a few, Fransabank has ended the extortion paper called terms. It contains items that turn the Central Bank’s decision into an opportunity for banks to get rid of their customers’ accounts and transfer their dollars to their coffers. One of the clauses states that the depositor acknowledges the bank’s acquittal, “a general and comprehensive release of any right or claim of any kind, as a result of implementing the content of the book.. relieving you of any liability of any kind or source, especially if the payment process stops for any reasons beyond the control of your bank.”

Even worse, it robs the applicant of the right to “object or discuss”. In another clause, the paper to be signed states: “In the event of any misuse by us, especially if we exceed the withdrawal limit stipulated in the aforementioned circular, your bank has the absolute right to suspend our benefit from the provisions of this circular and the provisions of Basic Circular No. under 3900 lira) under penalty of taking all measures it deems appropriate, including closing all our accounts with you, waiving any right to objection or discussion. That is, the depositor who may make a mistake or omission when using the bank card to pay, or for any reason whatsoever, will give up his money.

Also, the new clauses strike the principle of banking secrecy, which banks have long sung about, as the depositor must admit that he exempts the bank from the obligations of banking secrecy within the framework of implementing the decision “against any party, especially official and unofficial, the judicial authorities and the centralization of sub-private accounts with the Banque du Liban and the Committee Banking supervision. Also, the identity of the official and unofficial bodies that will see the accounts has not been determined.

Bank of Beirut contacted me and told me I should go to the branch and sign BDL circular 158, I told them I don't want to benefit and they told me there are "other" papers am required to sign. Anybody had a similar experience and knows what those "other" papers are?

tricky wroteBank of Beirut contacted me and told me I should go to the branch and sign BDL circular 158, I told them I don't want to benefit and they told me there are "other" papers am required to sign. Anybody had a similar experience and knows what those "other" papers are?

Some banks are asking you to sign this:


Basically telling their clients that they aren't responsible in case they stopped paying you