The Lebanese banking system is endowed with several characteristics that promote the role of Beirut as a regional financial centre, in terms of ensuring protection for foreign capital and earnings. The Lebanese currency is fully convertible and can be exchanged freely with any other currency. Moreover, no restrictions are put on the free flow of capital and earnings into and out of the Lebanese economy. The passing of the banking secrecy law on 3 September 1956, subjected all banks established in Lebanon as well as foreign banks' branches to the "secret of the profession". Both article 16 of law No. 282 dated 30 December 1993 and article 12 of decree No. 5451 dated 26 August 1994, offer exemptions from income tax on all interest and revenues earned on all types of accounts opened in Lebanese banks. On the first of April 1975, decree No. 29 established a free banking zone by granting the Lebanese government the right to exempt non-residents' deposits and liabilities in foreign currency from: the income tax on interest earned, the required reserves imposed by the Banque Du Liban by virtue of article 76 of the Code of Money and Credit, the premium of deposit guarantee imposed on bank deposits to the profit of the National Deposit Guarantee Institution.