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Lebanon Finance News

Dedicated to economic and business news on Lebanon, managed by the team of Lebanon Opportunities.

Month

December 2015

Primary surplus in public budget. Debt to GDP is declining

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The fiscal deficit has widened so far this year, but a primary surplus has been registered, according to Alain Bifani, Director General of the Ministry of Finance (MoF).

The fiscal deficit widened by 33 percent to reach $1.7 billion in the fi….
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Lebanon tops Arab world in financial secrecy. It mixes secrecy with big tax exemptions

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The Tax Justice Network (TJN) said it has ranked Lebanon first in the Arab world and seventh globally in the 2015 Financial Secrecy Index (FSI).

“Lebanon has sailed against the prevailing winds on global financial transparency and continues t….
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Alpha banks still growing at a slower pace. Tough operating environment puts pressure on assets, loans and deposits

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Alpha banks, the first 14 banks with deposits exceeding $2 billion each, have reported a slowing activity this year, according to the Alpha report issued by Bankdata Financial Services.

Consolidated assets grew by 2.6 percent over the first n….
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Bank account hacking on the rise. Lack of awareness is cited as the cause of most cases

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The number of cybercrimes through online banking accounts has increased from one case in 2011 to 63 today, according to the Special Investigation Commission (SIC) of the Central Bank (BDL), which said that the stolen amounts range between $1,500 and….
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Zero interest loans for eco-friendly plants. Three plants to start benefiting

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An agreement was signed on November 6 between the Central Bank and the Ministry of Environment (MoE) to give low-interest loans to industrialists who will apply environmentally friendly standards.

The agreement is part of the World Bank-fund….
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Bank Audi plans to expand foreign footprint. Eyes UK and sub-Saharan countries

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Bank Audi is planning to have its foreign entities constitute 60 percent of its consolidated activity. Around half of the bank’s activity has been derived from its entities outside the local market.

Freddie Baz, Group Strategy Director and V….
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FATCA or GATCA which tax law to rule?. A new global tax information law is expected by 2016

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The US Foreign Account Tax Compliance Act (FATCA) could be eventually expanded into a more global tax information sharing agreement between countries. This international act is called ‘Global Account Tax Compliance Act’ (GATCA).

FATCA aims a….
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Lebanon’s debt oversubscribed for 2015. Showing sign of continuous confide nce by investors

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The Ministry of Finance (MoF) announced today that it has succeeded in covering the full debt duties in foreign currencies for 2015 and part of another debt to be settled for 2016, through a Eurobond issue valued at $1.6 billion.

“The $1.3 b….
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Central Bank allows corporate debt restructuring. To develop financial markets and reorganize relationship between debtors and creditors

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Banks and financial institutions will be allowed to restructure their loans, according to a basic circular issued by the Central Bank (BDL) this week. The circular targets loans provided mainly to companies.

“This circular is not worrying ab….
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