	BUSINESS IN LEBANON
	MONEY, BANKING AND CREDIT IN LEBANON
	- MONEY
	Q- WHAT KIND OF MONEY IS USED IN LEBANON ?
	A- The currency of the Lebanese Republic is the Lebanese Pound, the official abbreviation of which is L.L. The Pound is divided into one hundred equal parts called Piastres. The official abbreviation of the Lebanese Piastre is P.L.
	– BANKING
	Q- WHAT IS THE BANKING SYSTEM OF LEBANON ?
	A- The Banking system comprises: a- A Central Bank. b- Private Banks.
	Q- WHAT IS THE CENTRAL BANK ?
	A- The Central Bank has the following characteristics: a- The Banque du Liban is the Central Bank and the sole bank of issue. b- The Head Office of the Bank is in Beirut. c- The Government Commissariat to the Central Bank includes a study section concerned with matters of money and credit. d- The exclusive privilege of issuing money, is vested in the Central Bank of Lebanon. e- All other banks are private.
	Q- WHAT IS THE MISSION OF THE CENTRAL BANK ?
	A- The overall duty of the Central Bank shall be the safeguard of currency as a fundamental guarantee for permanent economic and social development, and more specifically: a- safeguarding a sound Lebanese currency. b- safeguarding economic stability. c- safeguarding the basic structure of the banking system. d- developing the monetary and financial market.
	Q- WHAT ARE THE CHARACTERISTICS OF THE PRIVATE BANK ?
	A- The Lebanese Legislation has taken care of providing conditions and rules which makes investment in this sector a very attractive proposition. It guarantees the depositor and the client, whatever their nationality is, a most efficient protection. The Establishment of any Lebanese bank and the opening of any branch of a foreign bank in Lebanon is subject to an authority emanating from the Central Bank Board. Lebanon’s financial laws require secrecy in banking, and there are few restrictions on the free flow of funds. In this respect, the Lebanese Legislation is comparable to that in Switzerland. This gives Lebanon a unique reputation both in Lebanon and abroad. These qualities attracted many foreign banks between 1956 and 1975, making Beirut the banking center of the Middle East. Beirut’s financial services industry collapsed during the civil war but started a gradual recovery soon after the end of the war. The Banking Sector is a very important factor in the economic development of Lebanon.