PDF_ Banking on the State: The Financial Foundations of Lebanon (Stanf

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Banking on the State The Financial Foundations
of Lebanon (Stanford Studies in Middle Eastern
and Islamic Societies and Cultures)
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Banking on the State The Financial Foundations
of Lebanon (Stanford Studies in Middle Eastern
and Islamic Societies and Cultures)
6
Description
In 1943, Lebanon gained its formal political
independence from France only after two
more decades did the country finally establish a
national central bank. Inaugurated on April
1, 1964, the Banque du Liban (BDL) was billed by
Lebanese authorities as the nation's
primary symbol of economic sovereignty and as the
last step towards full independence. In the
local press, it was described as a means of
projecting state power and enhancing national
pride. Yet the history of its founding8213stetch
ing from its Ottoman origins in
mid-nineteenth century up until the
mid-twentieth8213tels a different, more complex
story.Banking on the State reveals how the
financial foundations of Lebanon were shaped by
the history of the standardization of economic
practices and financial regimes within the
decolonizing world. The system of central banking
that emerged was the product of a complex
interaction of war, economic policies,
international financial regimes, post-colonial
state-building, global currents of technocratic
knowledge, and private business interests. It
served rather than challenged the interests of an
oligarchy of local bankers. As Hicham Safieddine
shows, the set of arrangements that governed the
central bank thus was dictated by dynamics
of political power and financial profit more than
market forces, national interest or
economic sovereignty.