Lebanon: Central bank bans deals with Hezbollah’s finance wing

The central bank of Lebanon issued an order on July 15th, prohibiting financial institutions from working with entities that are unlicensed, such as Hezbollah’s finance wing, Al-Qard Al-Hassan, The New Arab via Reuters reported.

The central bank, known as the Banque du Liban, said that every bank, licensed financial institution, collective investment scheme and intermediary is banned from carrying out both direct and indirect transactions, whether this be financial, commercial or otherwise, with money exchange and transfer entities that do not have a license.

The move comes as the Middle Eastern nation is looking to suppress its cash-based economy, which has been bolstered since the 2019 financial crisis.

The New Arab via Reuters