| 28 May 2024, Tuesday |

Closing unlicensed factories protects legitimate economy, competition controls prices

Minister of Industry George Boushekian announced that the ministry aims to close unlicensed factories and called on all concerned parties to participate in this campaign and inform the ministry about these factories in order to take the necessary measures against violators.

To shed light on this issue, the Vice-President of the Association of Lebanese Industrialists Ziad Beckdach.

At a time when some banks and money dealers refuse receiving some US dollar banknotes under the pretext that they are old, other institutions are taking commissions when exchanging it.

The Central Bank came out with a vague and unclear statement confirming that the specifications of negotiable US dollar banknotes are determined by a committee affiliated to the US Treasury.

The US Embassy in Beirut on Wednesday confirmed via twitter that all Federal Reserve banknotes were legally valid for payments, regardless of when they were issued.

“This policy covers all the Federal Reserve’s banknotes that have been in use since 1914 till today,” the US Embassy’s tweet added.

“Federal Reserve notes are redesigned primarily to make them easier to use but more difficult to counterfeit. This does not mean that older-design notes are not secure. In fact, security features in older-design Federal Reserve notes, such as watermarks and color-shifting ink, have proven to be so effective they have been retained and updated for use in newer-design notes.”

The brief statement of the Association of Lebanese Banks, which does not answer the questions of citizens, confirmed that banks deal with regular banknotes without any modification in their existing procedures and in accordance with the rules of working with paper money, which is not counterfeited.

  • Sawt Beirut International