US sanctions against Iran will not affect local banks. Lenders are already in full compliance

Local banks will not be affected if SWIFT complies with U.S. sanctions against Iran, which have been put into effect.

SWIFT, the Society for Worldwide Interbank Financial Telecommunication, provides financial messaging services, such as money transfer instructions, between banks across the world.

Makram Sader, Secretary General of the Association of Banks, said that Lebanese banks don't have any correspondent relationships with Iranian banks. Local banks stopped de facto dealings e...

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$66.3 million interest subsid for housing loans for one yea. Loans granted via the Public Corporation for Housing

Parliament has approved the allocation of LL100 billion ($66.3 million) to subsidize the interest rates of housing loans for one year.

The loans eligible for the subsidies are those that are provided through the state-owned Public Corporation for Housing (PCH) and that target low and middle-income people. Borrowers can expect to pay around 3.74 percent interest. PCH loans have a ceiling of $180,000.

The value of the subsidy corresponds to loans worth some LL1,000 billion ($663 mill...

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Lump sum tax postponed again. In response to demands by private sector

The lump sum tax on businesses and professionals has been temporarily suspended.

The decision was made following an agreement between the President of the Republic, the caretaker Prime Minister, and caretaker Minister of Finance.

The Ministry of Finance said that taxpayers were asking the authorities to postpone this tax once again, and that he is well aware of the current economic and financial challenges. The government has postponed the levying of this controversial tax since 20...

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No bank losses from Iraqi gang. Torbey: Assault did not result in any capital withdrawals

Local banks did not suffer any direct material loss from the recent attempt by an Iraq-based gang to defraud and blackmail them, according to Joseph Torbey Chairman of the Association of Banks.

He said that these attacks did not result in any capital withdrawals from the banking system.

"The main perpetrators have been incarcerated and law enforcement agencies are working to arrest their accomplices. It is the banks that are now waging a counter-attack on these gangs," Torbey said....

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$1.7 billion subscribed in investment funds. Fixed-income securities are favored

Total subscriptions in local and foreign investment funds reached $1.7 billion in 2017, a drop of three percent compared with the previous year, according to the annual report of the Capital Markets Authority (CMA) for 2017.

The number of local and foreign funds with local subscriptions increased last year by 7.6 percent to 527.

Subscriptions in local funds fell 6.6 percent to $791 million while the funds' total number increased by 15 percent to 23.

Subscriptions in local f...

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