Methods of Payment

For many years, the U.S. dollar and Lebanese pound were used interchangeably in Lebanon, and Lebanon did not restrict currency conversions or foreign fund transfers. Following the 2019 economic crisis, banks imposed withdrawal restrictions on pre-October 2019 USD-denominated accounts. Subsequently, the country’s economy has largely dollarized, and many payment methods shifted to cash. Lebanese banks are no longer confirming lines of credits for importers without a 100 percent cash collateral up front. While cash remains the primary payment method, since 2022, “fresh dollar” credit cards linked to accounts regained their function. As of March 2024, the official exchange rate set by the Central Bank was 89,500 LBP / 1 USD, approximately where it remained throughout 2024.  Moreover, digital payment methods in Lebanon, driven by mobile payment platforms, digital wallets, and fintech innovations, have experienced significant growth as the country’s economic challenges continue and the need for more efficient and secure financial transactions has increased. 

For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide. 

Banking Systems

Lebanon’s banks are insolvent, having accumulated more than $72 billion in losses. In a March 2023 statement, the IMF noted that “banks are unable to extend credit to the economy and bank deposits are mostly inaccessible to customers.”  Hence the economy has been heavily relying on cash transactions outside the banking system and on cash transfers from money transfer companies. Clients cannot transfer overseas money deposited prior to October 2019. Lebanon has yet to adopt formal capital controls legislation beyond Central Bank circulars, but most economic analysts believe such a law is necessary to preserve what limited foreign currency is left in the country, provide a legal framework for banks to limit withdrawals, and provide a level playing field to all Lebanese depositors. In a March 2025 statement, the IMF noted that “recent policy actions have helped to maintain some degree of economic stability,” but “these steps are insufficient to address the ongoing economic, financial, and social challenges.”  

Lebanon’s default on its USD-denominated debt in 2020 – Lebanese banks at the time held $12.7 billion in Lebanon’s dollar bonds – further eroded Lebanese banks’ balance sheets. Financial experts estimated that 52 percent of loans from Lebanese banks were non-performing in December 2022. Bankers reported that correspondent banks overseas have stopped providing them with lines of credits – or only provide facilities with onerous conditions because of increasing country risk – further hampering bank efficacy in Lebanon. Correspondent banks also place high levels of due diligence on local banks because of the incomplete implementation of anti-money laundering/countering the financing of terrorism (AML/CFT) standards. 

As of March 2025, the government’s April 2022 staff-level agreement with the IMF has not been approved by Lebanon’s parliament. It is still unclear whether the government has the political will to implement the reforms needed for an IMF program, especially with parliamentary elections scheduled for May 2026. The Lebanese banking sector covers the entire country with hundreds of operating commercial and investment bank branches. However, many branches have closed as banks are cutting costs to cope with the current crisis. Additionally, Lebanon was added to the Financial Action Task Force (FATF) “grey list” in June 2023, after the organization identified strategic deficiencies in Lebanon’s anti–money laundering and counterterrorism financing (AML/CFT) framework that required enhanced monitoring. To be removed from the list, Lebanon must demonstrate effective implementation of reforms, including stronger supervision of financial institutions, improved transparency of beneficial ownership, enhanced enforcement and prosecution of money laundering and terrorism financing cases, and timely reporting of suspicious transactions in line with international standards.

Lebanon’s Central Bank was established in 1963 and regulates banks and financial institutions. Foreign banks and branches need the Central Bank’s approval to establish operations in Lebanon. Moreover, any shareholder with more than five percent of a bank’s share capital must obtain prior approval from the Central Bank to acquire additional shares in that bank and must inform the Central Bank when selling shares. In addition, any shareholder needs to obtain prior approval from the Central Bank if s/he wants to become a board member. The use of cryptocurrencies is not regulated in Lebanon. The Central Bank announced that it is developing a digital currency that it plans to issue for domestic use only.

There are no legal restrictions in Lebanon on foreigners’ or non-residents’ ability to open a bank account in local or foreign currency, provided they abide by Lebanese compliance regulations. Banks inform customers of Know-Your-Customer requirements and ask them about the purpose of opening new accounts and about the sources of funds to be deposited. Lebanese banks note they are compliant with the Foreign Account Tax Compliance Act (FATCA). Lebanon adopted the OECD Common Reporting Standards since January 1, 2018.

Foreign Exchange Controls

Commercial banks in late 2019 introduced informal capital controls on Lebanese depositors to stem the outflow of foreign currency; these controls have persisted today, and banks have barred virtually all overseas transfers from pre-October 2019 USD accounts. Clients with Lebanese pound (LBP)-denominated accounts can only convert their LBP to USD at licensed and unlicensed money exchangers.

The conversion of foreign currencies or precious metals is unfettered.  Lebanon’s Central Bank posts a daily local currency-exchange rate on its website: https://www.bdl.gov.lb/Lebanon is heavily dollarized and businesses commonly accept payment in U.S. dollars.

U.S. Banks and Local Correspondent Banks:

Below is a list of U.S. banks operating in Lebanon:

• CITIBANK N.A.
  Berytus Park, Bloc A, 3rd floor
  Park Avenue, Beirut Central District
  P.O. Box 11-1535
  Beirut, Lebanon
  Tel: 961-1-96244064
  Fax: 961-1-962444
• BANK OF NEW YORK (LONDON)
  160 Queen Victoria Street
  London, EC4V 4LA
  United Kingdom
  Tel: +44 20 75701784
• BANK OF NEW YORK (DUBAI OFFICE)
  PO Box 5506723, Dubai International Financial Ctr, Level 6, Gate Precinct Bldg, 5 Gate District
  Dubai City
  United Arab Emirates
  Tel: +971 4 4252571
• STANDARD CHARTERED BANK DIFC Dubai UAE
  Dubai International Financial Centre
  Unit 301, Level 3, Gate Precinct Building 1, Dubai International Financial Centre, Dubai City, 999, United Arab Emirates+971 600 522288
• JPMORGAN CHASE BANK NA (Representative Office)
  Gefinor Center, Bloc B, 16th floor, Suite No.1601
  Clemenceau Street,
  P.O. Box 11-5133
  Beirut, Lebanon
  Tel: 961-1-739583
  Fax: 961-1-739581

Below is a list of the largest banks (ranked by assets as of December 2020) that have correspondent U.S. banking relationships:

• BANK AUDI S.A.L.
  Bank Audi Plaza, Bab Idriss
  P.O. Box 11-2560
  Beirut, Lebanon
  Tel: 961-1-994000
  Fax: 961-1-990555
• BLOM BANK S.A.L.
  BLOM Bank Bldg.
  Rashid Karameh Ave., Verdun
  P.O. Box: 11-1912 Riad ElSolh,
  Beirut 1107-2807, Lebanon
  Tel: 961-1-738938
• BYBLOS BANK S.A.L.
  Byblos Bank Headquarters,
  Elias Sarkis Avenue, Ashrafieh
  P.O. Box: 11-5605 Riad ElSolh,
  Beirut 1107-2811, Lebanon
  Tel: 961-1-335200
  Fax: 961-1-334554
• FRANSABANK S.A.L.
  Fransabank Center,
  Hamra Street
  P.O. Box: 11-0393 Riad ElSolh,
  Beirut 1107-2803, Lebanon
  Tel: 961-1-340180
  Fax: 961-1-354572
• SOCIETE GENERALE DE BANQUE AU LIBAN S.A.L. (SGBL)
  Sehnaoui Bldg,
  Riad ElSolh Street, Beirut Central District
  P.O. Box: 11-2955
  Beirut, Lebanon
  Tel: 961-1-980783
  Fax: 961-1-980785
• BANKMED S.A.L.
  BankMed Center
  482 Clemenceau Street
  P.O. Box: 11-0348 Riad ElSolh,
  Beirut 1107-2030, Lebanon
  Tel: 961-1-373937
  Fax: 961-1-362706
• BANK OF BEIRUT S.A.L.
  Bank of Beirut Bldg
  Foch Street, Beirut Central District,
  P.O. Box: 11-7354
  Beirut, Lebanon
  Tel: 961-1-958000
• BANQUE LIBANO-FRANCAISE S.A.L.
  Beirut Liberty Plaza
  Rome Street, Hamra
  P.O.Box 11-0808
  Beirut, Lebanon
  Tel: 961-1-791332
  Fax: 961-1-440183
• CREDIT LIBANAIS S.A.L.
  Credit Libanais Tower
  Corniche El Nahr, Adlieh Roundabout
  P.O.Box: 16-6729
  Beirut, Lebanon
  Tel: 961-1-608000
  Fax: 961-1-608126
• BBAC S.A.L.
  BBAC Bldg., 250 Clemenceau Street
  P.O.Box 11-1536 Riad ElSolh,
  Beirut 1107 2080, Lebanon
  Tel: 961-1-366630
  Fax: 961-1-365200
• IBL BANK S.A.L.
  Al Ittihadiah Bldg
  Charles Malek Avenue, Rmeil 
  P.O.Box 11-5292 Riad ElSolh,
  Beirut 1107-2190, Lebanon
  Tel: 961-1-200350
  Fax: 961-1-204505
• LEBANON AND GULF BANK S.A.L.
  Lebanon and Gulf Bank Bldg,
  Allenby Street, Beirut Central District
  P.O. Box 11-3600
  Beirut, Lebanon
  Tel: 961-1-965000
  Fax: 961-1-965699
• FIRST NATIONAL BANK S.A.L.
  Allenby Street, Marfaa 147 Bldg,
  Beirut Central District
  P.O.Box 11-435 Beirut, Lebanon
  Tel: 961-1-963000
  Fax: 961-1-973090
• CREDITBANK S.A.L.
  Freeway Center,
  Sin El Fil Blvd.
  P.O.Box: 16-5795
  Beirut, Lebanon
  Tel: 961-1-501600
  Fax: 961-1-485245
• SARADAR BANK S.A.L.
  Saradar Building,
  Charles Malek Avenue, Achrafieh
  P.O.Box: 16-5766
  Beirut, Lebanon
  Tel: 961-1-200770

For additional information, visit the Investment Climate Statements - United States Department of State.