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Lebanon banking association agrees $1,000 weekly withdrawal cap -statement

Reuters | Beirut | Updated: 18-11-2019 01:12 IST | Created: 18-11-2019 01:07 IST
Lebanon banking association agrees $1,000 weekly withdrawal cap -statement
Image Credit: Flickr

Lebanon's banking association agreed a set of temporary directives for commercial banks that include a $1,000 cap on weekly withdrawals from U.S. dollar accounts, the association said on Sunday.

The directives also include allowing hard currency transfers abroad only in order to cover urgent personal spending, a statement by the association said.

The association said the steps were intended to standardize and regulate the work of banks amid the country's "exceptional circumstances."


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