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The Central Bank's Basic Circular No. 134, which requires banks to apply measures to ensure transparent and fair dealings with their customers, has been completely implemented, said executives from Bank of Beirut and Credit Libanais.

The Central Bank, which issued the circular in February this year, had set September 30 as deadline for banks and financial institutions to comply with the provisions of the circular.

Georges Awad, Head of Retail and Branches Division at Bank of Beiru...

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FFA: BLOM shares stable Audi and Byblos to decline. Growth in net profit, assets, deposits, and loans of each of the banks in 2015

FFA Private Bank revised down the target price on the shares of Bank Audi and Byblos Bank due to tough operating conditions and foreign exchange devaluation in key global markets. FFA kept the target price on Blom Bank's stock unchanged.

The fair value estimate for Bank Audi was lowered to USD 7 from USD 7.50, while it was slashed on Byblos Bank's stock to USD 1.60 from USD 1.65. Blom Bank's shares remained unchanged at USD 11.

"We note that Blom Bank is the sole overweight in our ...

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Beirut Stock Exchange halted for technical issues. No impact was registered against listed companies

Trading was halted on the Beirut Stock Exchange (BSE) today due to a technical difficulty, according to a statement issued by the BSE.

According to Ghaleb Mahmassani, Vice President of the BSE, an electronic malfunction affected computers. He said that he technicians were unable to fix the problem quickly but that trading may resume normally tomorrow.

Toufic Karam, Head of Capital Markets at FFA Private Bank, said: "The technical error will not impact the listed companies as the vo...

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Central Bank sets rules for incubators and accelerators. Knowledge economy to account for five percent of GDP by 2030

Incubators and accelerators are allowed to invest only up to five percent in the capital of each startup company that benefits from their support, according to a circular by the Central Bank (BDL) issued recently.

"BDL is keen to determine the goal of each investor in startups," said Marwan Mikhael, Head of Research at Blominvest Bank. "Instead of having high shares in a target company and provide it with a priority, BDL considers that incubators and accelerators should be neutral and ser...

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Primary surplus in public budget. Debt to GDP is declining, but more reforms are needed

The banking sector has been a main support to finance the State's needs and reduce the burden of high public debt, according to the Ministry of Finance (MoF).

Banks have foreign currency reserves worth $65 billion, representing 93 percent of the total public debt. "These reserves exceed the State's debt in foreign currency by two times and a half," said Alain Bifani, Director General of the MoF. He said that banks are financing 88 percent of the State's debt.

The fiscal deficit ha...

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