Archive for economic publication
The Association of Banks in Lebanon (ABL) recommended to its member banks to increase the Beirut Reference Rate in US dollars to 4.67% from 4.66% previously starting in December. The rate, considered as the reference rate for lending in foreign currency, replaced last year the London Inter-Bank Offering Rate (LIBOR) since the ABL considered that the LIBOR no longer accurately reflects the cost of funding and lending in Lebanon.
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.
In its latest report on the Lebanese economy, the Institute of International Finance (IIF) projected economic growth in Lebanon at 7 percent in 2010 and 6.5 percent in 2011, slightly down from 8.6 percent in 2009, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.
The Institute of International Finance (IIF) indicated that Lebanese authorities missed an opportunity to implement significant fiscal measures during the current favorable economic conditions, as the 2010 budget does not aim for a significant primary surplus through the implementation of long-delayed reforms, as reported by Lebanon This Week, the Byblos Bank Group’s economic publication.
Figures issued by the Central Bank show that the net investment portfolio of Lebanese banks and financial institutions in foreign debt and equity securities totaled $5.33 billion at the end of September 2009, constituting an increase of 20 percent from $4.44 billion at end-2008 and an increase of 12 percent from $4.76 billion at the end of September 2008, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.