An overview

One of the tragic outcomes of the Lebanese events was the dismantling of the Syndicate of Money Changer of Lebanon.  From the time the Lebanese Pound started to collapse due to internal manipulations, some parties taking advantage of this situation accused the money changers. This lead government officials to issue a series of laws that restricted the money exchange profession while threatening its disappearance.  

A group of money changers headed by the President of this Syndicate, Mr. Edgard Chaaya, called for a general meeting to be held at the Hotel Alexandre to put an end to the unfounded accusations by the people who took advantage of this situation. This event pushed for the legal election of a new board of directors for the syndicate which took place on the 24th April, 1993, whose members were :  

Mr. Edgard Chaaya as President, Mr.  Farouk Tabbara, Deputy President, and the General Secretariat was successively revolved by Messrs. Ryad Jalloul, Mahmoud Halawy.  Mr. Michel Bassoul as Treasurer, Mr. Jean Assaf as Media Officer, and Messrs. Ramez Mecataf, Mohamad Shuman, Adnan Kabbani, Haygaram Kalindjian, Elie Zaylah, Marwan Mobayed as consultant members.

This board of directors undertook the reunification of all ranks of citizens throughout the country belonging to this profession, in adopting the same opinion for protecting the profession. At the same time, the board submitted a lot of technical studies to the Central Bank of Lebanon, prepared by some experts in finance and economics, to modernize and develop some structural law aspects, to fit the reform strategy of this sector, which is somehow vital in the rebuilding process of the country.

On 30 April 1995, the General Assembly called for the election of a new board of directors; Mr. Michel Bassoul was selected as President, Mr. Mahmoud Halawy as Vice President, Mr. Mohamad Al Saati as General Secretary, Mr. Elie Zaylah as Treasurer, Mr. Jean Assaf as Media Officer, and Messrs. Mohamad Shuman, Haygaram Kalindjian, Ramez Mecataf, Selim Joujou, Rachid Al Kotob, Marwan Mobayed, Shawki Abou Hamdan as consultant members.

This board of directors strived at applying the bindings of the Central Bank of Lebanon upon the exchange companies, by restricting the grant of trade permit according to the following bounds: the establishment of operating companies with a minimum capital in an suitable location which enhanced the prestige of this profession, contrary to what would have happened if the Central Bank 

of Lebanon had conferred this power to the Ministry of Tourism to grant permits without imposing any conditions.

Afterward this board of directors succeeded in convincing the Central Council of the Central Bank of Lebanon to reduce the sum of the increased capital required from the exchange companies from 475 million to 225 million for “A” category and from 240 million to 90 million for “B” category.  This board of directors ended it term on the 18th May, 1997, a new board, the third, was elected as follows:

Mahmoud Halawy as President, Jean Assaf as Vice President, Mohamad Al Saati as General Secretary, Garo Kalindjian as Treasurer, Chawki Abou Hamdan as Assistant to the General Secretary, Selim Joujou as Assistant to the Treasurer,  and Messrs. Ramez Mecataf, Michel Bassoul, Elie Zaylah, Rachid El Kotob, Mohamad Chuman, and Khalil El Masri as consultanting members.

This board of directors undertook to achieve during their mandatory period of service the main points aroused in the election’s statement. They are as follows:

  • To improve the relationship with all the concerned economic parties and syndicates in participating at their conferences and seminars, and discussing ways of ameliorating the national economy, and  staying in touch with them for any upcoming event

  • To carry out extensive meetings with the persons in charge at the Central Bank of Lebanon, in order to improve the laws governing this profession, to protect its rights, and to strengthen its privileges.

  • To coordinate and cooperate with the Association of Banks in reinforcing the role of the banks and not to be considered as competitors.

  • To visit periodically political and religious parties.

  • To visit periodically the Lebanese regions to identify the problems of money changers and attempt to provide solutions at solving them.

  • Effort at locating a permanent location for the Syndicate equipped with up-to-date furniture and equipment.

  • To create a mutual fund to provide social assistance.

  • To provide assistance for crucial necessities to the syndicate members such as life insurance, hospitalization, educational support…

  • To organize internal matters such as documents filing with respect to the syndicate members and all financial and statistical reports, to set up a library meant for financial and legal topics, to make deals with courier companies for fast delivery, to distribute necessary requirements to money changers, in addition to the distribution of publications and memorandums issued from the Central Bank.

  • Promote the mass media campaign to display the syndicate’s opinion in economic matters, to support the legitimacy and recognition of this sector, resulting in removing the unfounded reputation induced during the war.

General Secretary

Inaugural ceremony of the syndicate was on 18 June 1998 at the Coral Beach Hotel under the patronage of the first vice-governor of the Central Bank of Lebanon, Mr.Nasser Saidi.

Speeches were addressed by Dr. Nasser Saidi, Mr. Mahmoud Fouad Halawy, syndicate President, and Mr. Hassan El Husseini.

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