$1.8 billion withdrawn
so far under Circular 158

181,000 depositors have benefited

Around 181,000 holders of bank deposits in foreign currencies have withdrawn nearly $1.78 billion under Basic Circular 158 since it was issued by the Central Bank (BDL) in 2021 and until the end of April 2023, according to a BDL statement. This amount includes nearly $890 million that was paid in cash equally by BDL and the banks.

The outstanding balance of eligible accounts that can still benefit from the circular stood at nearly $1 billion at the end of April.

Almost 88,000 deposit accounts, representing 48 percent of applicants, were fully settled by the banks by the end of April. The number of depositors who are still benefiting from the circular totaled almost 94,000 in May. This number could increase if additional depositors decide to withdraw their funds under Circular 158, BDL said. Around 93 percent of the accounts benefiting from the circular are held by residents.

Circular 158 regulates the gradual repayment of foreign currency deposits held in accounts opened prior to October 31, 2019. Depositors are allowed to withdraw up to $50,000 of their funds gradually in monthly disbursements. A monthly payment consists of two sums, $400 paid in dollar banknotes and the equivalent of $400 paid in lira. The amounts settled in lira were first converted at the rate of LL12,000 to the dollar then at the new official rate of LL15,000 which was put into effect in February 2023.