Archive for Economic Growth
The near-term outlook for growth of the Lebanese banking system appears strong, reflecting current buoyant economic conditions, according to research by Deutsche Bank. The research was published by Bank Audi.
“However, growth is likely to moderate somewhat over the next couple of years, as per the Bank, as GDP growth is forecast to slow to the 4-5 percent range,” the report said.
Central Bank figures show that Lebanon’s balance of payments posted a surplus of $2.94bn in the first 9 months of 2010 compared to a surplus of $4.84bn in the same period last year. The balance of payments posted a surplus of $186m in September compared to a surplus of $446.7m in August and a surplus of $475m in September 2009. The August 2010 surplus was caused by a surplus of $81m in the Central Bank’s net foreign assets and a surplus of $105m in those of banks and financial institutions.
Figures released by the Central Bank of Lebanon show that the number of credit and debit cards issued in Lebanon reached 1,703,126 cards at the end of September 2010, constituting a 4.5% increase from end-2009, and a 6% rise on a yearly basis.
Lebanon’s Central Bank Governor Riad Salameh comments on the proposed budget for 2010, the outlook for interest rates, talk of bank mergers and the threat of war in the Middle East and its effect on the economy.