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Economy, Currency and Banking

piastres, Banque, banking center, Liban, unit of currency

The unit of currency is the Lebanese pound or lira, consisting of 100 piastres (1,508 Lebanese pounds equal U.S.$1; 2000 average). The Banque du Liban is the central bank and the sole bank of issue. All other banks are private. Lebanonís financial laws require secrecy in banking, and there are few restrictions on the free flow of funds. These qualities attracted many foreign banks between 1956 and 1975, making Beirut the banking center of the Middle East. Beirutís financial services industry collapsed during the civil war but has begun a gradual recovery. A stock exchange, closed in 1983 but reopened in 1996, is located in Beirut.



Article key phrases:

piastres, Banque, banking center, Liban, unit of currency, lira, foreign banks, civil war, central bank, secrecy, stock exchange, qualities, restrictions, average, Middle East

 
 

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