BDL Issues Intermediate Circular 744 on Exceptional Exemptions from Required Reserves

On October 27^th, 2025, the Central Bank (BDL) issued intermediate circular 744 (Decision 13761) to amend basic circular 150 (Decision 13217) by replacing the third part of the recurrent third article of the circular.

The new amendment states that banks cannot include in the 100% cash coverage ratio their portfolio of Eurobonds; and prevents banks that breach the requirements of this circular to sell these Eurobonds. Moreover, the circular stipulates that banks that abide with the provisions of this article can use the sales proceeds of its Eurobonds in two cases only, as per the priority below:

• Obtain the liquidity needed to meet the requirements of basic circular 158 (Decision 13335) for a period of one year.
• Finance its commercial and investments activities and not its operational expenses.

The circular is effective upon issuance and to be published in the official gazette.