SGBL to Allow Electronic Change of Account Currency as of Wednesday
Lebanon’s SGBL bank on Tuesday announced a second initiative addressed at small depositors, in line with the central bank’s latest circular on exchange rates and withdrawal limits.
“Our bank would like to assure that, as of the morning of Wednesday, April 8, 2020, it will begin implementing (the central bank’s circular) through an easy electronic process, to the benefit of all small depositors who have accounts containing up to LBP 5 million or $3,000,” it said in a statement.
“The electronic process is based on calculating the value of USD accounts automatically according to market exchange rates,” SGBL explained.
“It aims to facilitate and decrease withdrawal operations by clients eligible to benefit from this decision,” it said.
It added that interactive SMSes will be sent to all eligible clients so that they confirm or decline the desire to change their dollar accounts to Lebanese lira accounts.
“The bank would like to stress that should the client opt not to benefit from the circular, their accounts’ currency would remain unchanged,” SGBL said.