Archive for global financial crisis
With the global financial crisis hitting banks hard across the globe, Lebanon’s banking sector displayed considerable resilience aided by a strong flow of deposits. In 2009, bank deposits increased by 22% in light of the relatively high interest rates, and the central bank’s foreign currency reserves reached unprecedented levels. Lending activity increased in 2009, and asset quality improved in light of the prudent regulation in the country’s financial sector, and there are expectations that the banking sector will continue its robust performance through 2010.
The world maybe in meltdown but Beirut is booming. The country best known for wars, turmoil and instability has not just survived the global financial crisis, it seems to be thriving because of it.