November 17, 2019 / 7:39 PM / 3 months ago

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

BEIRUT, Nov 17 (Reuters) - 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.” (Reporting by Eric Knecht and Tom Perry, Editing by William Maclean)

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