Archive for growth rate
The Legatum Institute 2010 Prosperity Index ranked Lebanon in 84th place among 110 countries around the world and in 10th place among 14 countries in the Middle East & North Africa region.
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 Lebanese banks will gradually and moderately apply Basel III recommendations to reduce risk management, the head of the Association of Banks in Lebanon, Joseph Torbey, said Friday.
“We have applied most of the recommendations of Basel I and II over the past few years and we intend to do the same in Basel III with the help of the regulatory and monetary authorities,” Torbey said. These remarks came during a lunch hosted by the association in honor of high ranking Turkish delegation which is visiting Lebanon
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.
“The main challenge in the future is to maintain a high growth rate,” he said.