Since the re-establishment of peace in Lebanon in 1991, the country’s banks have made great strides to improve the way its banking industry operates. Today, the country boasts 55 active commercial and 12 specialized banks with 872 branches country-wide. If you are relocating or just doing business while visiting this country it is important to understand some basic terminology used by banks in Lebanon.
Lebanese currency
The currency used in this country is the Lebanese Pound (LBP), which equals 100 piasters. A piaster is similar to the American penny. There are 250, 500 and 1000 pound coins. Banknotes come in 500, 1000, 5000, 10000, 20000, 50000, and 100000 pounds, or Lira in Arabic. These bills come in different sizes for different amounts to make it easier for the visually impaired to know the value of each bill.
I recommend: GoCurrency offers the history of the Lebanese pound.
Expatriate
Expatriates are citizens who have opted to live in a country other than the one in which they legally reside. An expatriate differs from an immigrant in that most of them do not intend to stay in their new country for an extended period of time. Americans, or expatiates, can take advantage of US bank presence in Lebanon.
I recommend: Buyusa gives an overview of the Lebanese banking system and lists banks operating in Lebanon.
Banking secrecy law
Under bank secrecy, or bank privacy, financial institutions are permitted to conceal personal information pertaining to their customers. This is done through a variety of means, such as numbered bank accounts. Bank secrecy laws are most effective in tax havens where offshore banks adhere to voluntary or legal levels of privacy.
I recommend: Banque Du Liban provides a definition of Lebanon’s banking secrecy law.
Exchange rate
An exchange rate is the current market price for which the currency of one country can be exchanged for that of another. In some cases exchange rates are fixed. The majority of the time however, they fluctuate or float on a daily basis. Daily exchange rates can be found in the financial section of most newspapers and on financial websites.
I recommend: IndexMundi explains the exchange rate for the Lebanese pound.
Dirty float
The term dirty float applies to a floating exchange rate in which the country's government intercedes, with some regularity, to alter the direction of the currency's value. This is done by trading currencies.
I recommend: Investopedia provides several definitions for dirty float.
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