Central Bank raises capital on money dealers
The Central Bank decides to increase capital of money dealers in the country.According to the decision, Category A money dealer institutions have to raise their capital to LBP750 million from LBP250 million, while that of Category B to LBP500 million from LBP100 million.
Earlier this year the Central Bank issued a set of circulars about the operations of money dealers, in order to deter money laundering and terrorism.
The Central Bank defines Category A, as institutions that are allowed to deal with cash, transfers, checks, traveler checks and precious metals. Category B money dealers as firms institutions that are allowed to deal with cash, transfers, and traveler checks of up to $10,000, uncollected traveler checks and precious metal bars, not exceeding 1,000 grams each, as reported by Lebanon This Week, Byblos Bank’s economic publication.
There were 393 money dealer institutions by end of 2009, according to the latest figures issued by the Central Bank, it said.
However, according to some money dealer firms, this decision would force some medium size dealing firms to close down.
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A fundraising event, entitled Think Green, will be held by Zero Waste ACT for all its business members on September, 10,2013, at WHITE, Dora.
The Green Mind Association invited all Green Mind Award Participants, finalists, runner ups and winners to the GREEN MIND DAY on Jan-16-2013 in Beirut, to create a platform where interested Venture Capital and Potential Investors met with participants.
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