More depositors allowed
to benefit from Circular 158

Funds can be withdrawn from post October 2019 accounts

Holders of bank deposits in foreign currencies whose accounts were moved from one bank to another after October 31, 2019 will be able to withdraw their funds under Central Bank’s Basic Circular 158, said Wassim Mansouri acting Governor of the Central Bank (BDL).

Mansouri said in a statement that BDL’s Central Council has taken this decision after reaching an agreement with the Association of Banks on this matter.

Around 181,000 depositors withdrew nearly $1.78 billion of their funds under Circular 158 since it was issued in 2021 and until the end of April 2023.

The new decision increases the outstanding balance of eligible accounts that could still benefit from the circular and which stood at nearly $1 billion at the end of April of the current year.

The number of depositors who were 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 last June. 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.