Lebanon capitalizes on the initiative of its people and its geographical location
to make up for the lack of natural resources. Its trading facilities, banking
and financial services as well as its free economy made Lebanon the region's commercial center before 1975. With peace established and reconstruction
underway Lebanon is again assuming its former position as a business center. To help strengthen the economy,
authorities have initiated a new low income tax schedule to provide investment incentive, increase disposable income and
expand the tax base.
Banking
Banking is a major industry in Lebanon with strict banking secrecy as one of its
important features. More than eighty banks operate in the country with transactions
performed efficiently and at low cost
Lebanese Currency
Movement of currency into and out of the country and all exchange transactions
are completely free of any kind of control. Foreign currency can be exchanged at any bank or at one of the numerous money exchange shops.
Note that $US are accepted everywhere.
The monetary unit is the Lebanese Lira (LL)
and currency is issued in LL500, LL1,000, LL5,000, and
LL10,000, LL20,000, LL50,000 and LL100,000 notes. Coins are minted in LL 500, LL 250,
LL 100 and LL 50 units.
Credit Cards and Travelers Checks
Visitors will find many credit cards are accepted in larger establishments.
Master Card, American Express, Diners Club International and Visa International
are among those in common use. In addition, local credit cards such as Investment Credit Card, Cashless Card
and Link Card are accepted. It is best not to count on cashing travelers checks
since they require at least two weeks to clear.
Lebanon capitalizes on the initiative of its people and its geographical location
to make up for the lack of natural resources. Its trading facilities, banking
and financial services as well as its free economy made Lebanon the region's commercial center before 1975. With peace established and reconstruction
underway Lebanon is again assuming its former position as a business center. To help strengthen the economy,
authorities have initiated a new low income tax schedule to provide investment incentive, increase disposable income and
expand the tax base.
Movement of currency into and out of the country and all exchange transactions
are completely free of any kind of control. Foreign currency can be exchanged at any bank or at one of the numerous money exchange shops.
Note that $US are accepted everywhere.