Lebanon’s Central Bank on Wednesday raised monthly withdrawal limits for depositors benefiting from two key circulars, expanding access to limited dollar liquidity, Annahar newspaper reported. 

The Banque du Liban's Central Council approved increasing the ceiling under Circular 158 from $800 to $1,000 per month, and under Circular 166 from $400 to $500, with the changes taking effect on December 1.

Beneficiaries of Circular 158 will now be entitled to withdraw $800 in cash and receive an additional $200 through a credit card designated for purchases of goods, fuel and pharmaceuticals via POS machines. Those enrolled in Circular 166 will receive $400 in cash and an extra $100 through their bank-issued card.

The amendments also widen eligibility by allowing sole proprietorships and officially licensed associations, including charitable and religious organizations, to benefit from the two circulars for the first time.

Approximately 350,000 depositors currently rely on Circulars 158 and 166 for partial access to their trapped savings. The latest adjustment will increase the combined annual cost of the programs by more than $850 million. Following the revision, their total yearly cost is expected to exceed $3.3 billion, most of which will be covered by the Central Bank from the reserves it holds on behalf of commercial banks; funds that ultimately belong to depositors.