CAPITAL:
Beirut
POPULATION:
Approximately 3.5 million
AREA:
10.452 square kilometers
MONETARY UNIT:
the Lebanese pound
ECONOMY
Lebanon capitalizes on the
initiative of its people and its geographical location to make up for a lack of
natural resources. Traditionally, a substantial percentage of the country's
income derives from remittances sent by the millions of
Lebanese residing overseas. A service-based
economy, its trading, banking and financial facilities as well as its free
currency market made Lebanon the region's commercial and tourist center before
the war. With peace established and reconstruction underway,
Lebanon is once again serving as commercial and
touristic capital in the area.
About 38% of the country is
under cultivation, with wheat, vegetables, fruit, tobacco and olives the main
crop categories. There is considerable livestock farming as well. Industry
ranges from cement and cables to textiles, clothing furniture, canned goods and
light metals. Tourism, one of the mainstays of the pre-war economy, is being
revived.
To help strengthen the
economy, the authorities have initiated a low income tax schedule to provide
investment incentive, increase disposable income and expand the tax base.
CURRENCY AND BANKING
Movement of currency
into and out the country and all exchange transactions are completely free of
any kind of control. Gold and silver coins may be freely exchanged, imported and
exported. The monetary unit is the Lebanese pound
issued in LL50, LL100, LL250, LL500, LL1,000 ,LL5,000, LL10,000, LL20,000,
LL50,000 and LL100,000 denominations.
Banking is a major industry
in Lebanon with strict banking secrecy one of its important features. More than
80 banks operate in the country and transactions are performed efficiently and
at low cost.
FLAG
The
Lebanese flag is divided into three wide
horizontal stripes with red on top and bottom, and a wider white stripe in
the middle. In the center of this stripe is a green cedar tree, the emblem
of the country.
GOVERNMENT
Lebanon is democratic republic
with parliamentary system of government and a cabinet headed by a prime
minister. Its constitution is based on the separation of executive, legislative
and judicial power, with a president elected for six-year term. The 128 members
of parliament are elected by universal adult suffrage for a four year term.
The Lebanese Republic is
divided into six regional administrative districts, or Mohafazaat: Beirut, North
Lebanon, Mount Lebanon, the Beqaa and Nabatiyeh.
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