Deposits are secure at Jammal Trust Bank. Liquidity is available to meet the needs of legitimate accounts

All lawful deposits with Jammal Trust Bank (JTB) remain secure until their maturity date and liquidity is available to meet the needs of the bank's legitimate depositors, said Riad Salameh, Governor of the Central Bank (BDL).

Salameh's statement came following an announcement by the U.S. Department of the Treasury that its Office of Foreign Assets Control (OFAC) has sanctioned JTB, alleging that it knowingly facilitated banking activities for Hezbollah.

JTB said: "In the days to co...

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Central Bank’s reserves up $1.4 billion in two weeks. Growth comes from non-resident private sector depositors

The foreign exchange reserves of the Central Bank (BDL), excluding gold, increased by nearly $1.4 billion during the second half of August to reach $38.7 billion at the end of the month, according to Riad Salameh, Governor of BDL.

This increase is due to the influx of deposits from the non-resident private sector directly to BDL and not the result of deposits by any foreign state or any international entity, he said.

This reflects depositor confidence, strengthens the stability of ...

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Visa offers fintechs easier services at lower cost. Deal with Beirut Digital District to boost fintech know-how

Visa Inc. will offer new financial technology companies (fintechs) the opportunity to benefit from its payment services in an easier and simple manner and at reduced cost, said Nabil Tabbara, General Manager for Levant at Visa.

Visa, an international provider of digital payment services, will provide these benefits through its Fintech Fast-Track Program which it recently launched on the local market.

The program is in line with a global trend to simplify and provide easier custome...

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Arab Fund to lend $165 million to Housing Bank. Proceeds are adequate to lend to over 1,000 borrowers

Banque de l'Habitat (The Housing Bank) has secured a 30-year soft loan of KD50 million ($165 million) from the Arab Fund for Economic and Social Development, said Joseph Sassine, Chairman of The Housing Bank.

A preliminary agreement has been signed between the Arab Fund and the Council for Development and Reconstruction (CDR) for this purpose. The Cabinet is expected to issue the related decree in its next session.

The Housing Bank will pay an interest rate of 2.5 percent on th...

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Gross market debt in downtrend since 2013. Dwindling share mitigates country’s default risk

The share of the gross market debt of the total public debt dropped ten percentage points over the period 2013/2018 and reached 59 percent at the end of last year, driven by the State's growing indebtedness to the Central Bank (BDL), according to the Ministry of Finance's 'Debt and Debt Markets' report for the fourth quarter of 2018.

Gross market debt is the portion of public debt that is held by banks and other private sector lenders. It is computed by deducting from the gross public deb...

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