BDL bans Lebanese banks from charging new fees not imposed before 10/31/2019

The Acting Governor of the Central Bank of Lebanon, Wassim Mansouri, issued a circular regarding “amending Basic Resolution No. 13100 dated 9/3/2019

He called on banks not to impose any type of new fees on deposit accounts that were not imposed before 10/31/2019.

He asked the commercial banks to disclose accurate information about the “real cost” and mechanism of any fees imposed on clients, warning that the Central Bank’s Banking Control Commission will oversee the implementation of the circular and will penalize any violating banks.

The Lebanese banks have reportedly been charging exorbitant fees on deposits even though all the Foreign currency accounts have been frozen for the pasty 4 years. Ali, one bank customer told Ya Libnan: “The banks are resorting to blackmail and extortion , make their own illegal laws and charge right and left all kinds of illegal fees . These fees are aimed at liquidating the bank accounts . When you ask them why are they charging these fees their usual answer is “we have to pay our employees” . But why should depositors pay employees who stole their money? , this is one type of theft after another . Banks stopped functioning as banks because they are no longer in business since they can no longer open new accounts and therefore don’t need any employees . They should be shut down and wait until a settlement is made on the deposits or liquidated and the liquidation amount should be paid to depositors. “

Here is the 679 circular dated October 3 in Arabic signed by Acting Governor of the Central Bank of Lebanon, Wassim Mansouri,