New report indicates Lebanon’s resilience to financial crisis
Triggered by the buoyant economic conditions that prevailed on the local scene throughout 2009, as evidenced by a real GDP growth of nine per cent according to the IMF latest estimates, a strong performance in key sectors, and a record surplus of $7.89 billion in the balance of payments, the Lebanese banking sector witnessed an exceptional increase in its customer deposits in 2009. The report notes that customer deposits stemming from commercial banks' domestic operations reached $95.8 billion at the end of 2009, pinpointing a growth of 23.1 per cent for the year and that this increase was mainly boosted by a 44 per cent growth in deposits from the non-resident private sector as compared to a 19.5 per cent progression in residents' deposits.
