Banque du Liban
| Headquarters | Beirut , Lebanon |
| founding | August 1, 1963 |
| president | Riad Salameh (Governor of the bank since 1993) |
| country | Lebanon |
| currency | |
| ISO 4217 | LBP |
| Currency reserves | US $ 53.2 billion (November 2019) |
| Website | |
| List of central banks | |
The Banque du Liban (BDL, Arabic مصرف لبنان, DMG Maṣrif Lubnān ) is the central bank of Lebanon . It was founded on August 1, 1963 and started work on April 1, 1964. One of the main tasks of the bank is to issue the Lebanese pound . Other tasks include maintaining currency stability, regulating money transfers and maintaining the solidity of the banking sector. With over 100 different banks, banking is a very important part of the Lebanese economy, which is why the role of Banque du Liban is of particular importance. Banque du Liban currently also holds over 99% of the shares in the Lebanese airline Middle East Airlines .
In addition to its headquarters in Beirut , the bank has branches in various cities across the country.
history
After the sovereignty of the Ottoman Bank over what is now Lebanon ended, the British introduced the Egyptian pound as currency. In accordance with the agreement signed between the French and British governments on September 15, 1919, a new occupation authority began to rule Lebanon. French troops replaced the British under the command of General Gouraud appointed on October 12, 1919. As a result, the use of Egyptian currency suitable for the UK Treasury has become inappropriate. In order to replace the Egyptian pound, the French government decided, by Decree No. 129, issued by the High Commissioner on March 13, 1920, to provide Syria (including Lebanon) with a national currency. On September 1, 1920, the representative of France proclaimed Greater Syria . In 1920 the Bank of Syria was granted the concession to issue the Syrian pound , which became legal tender on May 1, 1920. In 1939 the Lebanese currency was officially separated from the Syrian, although it was still linked to the French franc and remained exchangeable with Syrian money.
The Banque du Liban was established on August 1, 1963 by Decree No. 13513. It was put into operation on April 1, 1964. BDL is a legal person under public law with financial and administrative autonomy. It is not subject to the administrative rules and controls applicable to the public sector. The capital is completely appropriated by the state.
The Lebanese pound is currently backed by gold and dollar reserves. This is due to the fact that economic activity is mainly carried out in US dollars , with the rate of dollarization of bank deposits being very high.
structure
The Banque du Liban is administered by the governor, who is assisted by four vice-governors and the central council. According to the convention, the governor of the Banque du Liban is always a Maronite Christian .
The bank is administered by a governor who is assisted by four lieutenant governors and the Central Council. The governor is the legal representative of the Banque du Liban and has extensive powers over the administration of the bank. He is responsible for enforcing the rules and implementing the resolutions of the Central Council. At the proposal of the Minister of Finance, the governor is appointed for a renewable six-year term by decree approved by the Council of Ministers. After consultation with the governor and at the proposal of the Minister of Finance, the vice-governors are appointed for a renewable five-year term by decree approved by the Council of Ministers. They support the governor in running the bank and perform the duties set out by the governor. They also perform their duties as members of the Central Council.
Individual evidence
- ↑ Lebanon Foreign Exchange Reserves . ceic.com. Accessed November 24, 2019
- ↑ Banque du Liban. Retrieved December 15, 2019 .
- ↑ a b About Banque du Liban | History of Banque du Liban. Retrieved December 15, 2019 .