Lebanon world’s second in gold reserve per capita. Along with foreign currencies provides full coverage for the lira

Lebanon is the second country in the world in gold reserves per capita with 69.3 grams for each citizen.

Switzerland tops the world's list with 136.3 grams per capita.

The value of gold reserves at the Central Bank (BDL) stood at $11.9 billion at the end of last March. Gold together with BDL's foreign assets cover the money supply in lira and provide a strong support to the national currency,

Lebanon ranked 18th in terms of gold holdings among 96 countries, according to data...

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Private sector credit unchanged last year.

Outstanding credit provided by the financial sector to the private sector increased by 1.3 percent in 2018 to stand at $69.5 billion at the end of the year, according to the Central Bank's 'Quarterly Bulletin' for the fourth quarter of 2018.

Loans by commercial banks to the private sector witnessed a decline in the first quarter of 2019 as their appetite for lending remains constrained amid tcurrent low growth environment, Bank Audi said in its 'Lebanon Economic Report' for the first qua...

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AUBMC launches New Medical Center Expansion.

The American University of Beirut Medical Center recently laid the foundation stone for the New Medical Center Expansion (NMCE) this week. Construction is expected to start in fall 2020 to be completed by fall 2025.

The NMCE building will include 12 floors above ground, and ten underground levels. It will be constructed in place of the current parking lot, extending from Maamari Street towards Clemenceau Street, and connecting to the existing Medical Center buildings.

The NMCE wil...

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New banks fees on cash withdrawals. A measure to boost digital transformation

Banks have recently set restrictions on cash withdrawals and the collection of checks in Lebanese Lira.

The new commission rates range between 0.2 and 0.4 percent on each withdrawal, and the commission on checks in Lebanese Lira is between LL1,000 to LL1,500.

The commission is imposed on cash withdrawals that are above $5,000. These measures are part of the banks' strategies to boost the number of customers using digital banking services.

"We are removing commissions on d...

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Solidere posts losses for second year in a row.

Solidere's audited financial statements for 2018 show a loss of $116 million, the same amount the company lost in 2017.

Total revenues dropped two percent to $66 million last year, while revenues from land sales increased to $1.2 million compared to $94,500 in 2017. Property rent revenues decreased five percent, falling to $57 million.

Solidere has succeeded in decreasing its general and administrative expenses by 12 percent. Expenses fell to $31 million, according to the statement...

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