Lebanon's Central Bank acts to boost electronic payments, curb cash usage
Lebanon's Central Bank issued a statement emphasizing its efforts to promote the use of electronic payments and reduce cash transactions in the Lebanese market, in line with international standards for combating money laundering and terrorism financing.
The bank has been working to encourage the use of payment cards, particularly Mastercard and Visa, by coordinating with relevant entities. Measures include reducing the cost of using international cards in the Lebanese market.
Additionally, the Lebanese Central Bank is collaborating with the Ministry of Finance to allow payment cards for tax payments at all ministry branches across Lebanon, following the installation of point-of-sale machines.
It's worth noting that Lebanon's Central Bank previously issued Circular 165 regarding the clearing and settlement of checks and cash transfers in U.S. dollars and Lebanese pounds. The use of fresh checks has increased, becoming a primary, secure, and cash alternative payment method.
In 2023, the Central Bank amended Circular 69 related to electronic payments, granting licenses to several electronic wallets that meet the requirements. These wallets allow users to transfer money instantly and securely between themselves, including merchants, in compliance with relevant laws and regulations.
These measures have started to effectively reduce cash transactions in the Lebanese market in a gradual manner.
