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Financial indicators of the top 12 banks operating in Lebanon showed moderate growth in activity in the first nine months of 2010, Bank Audi’s Lebanon Weekly Monitor, citing the alpha report issued by Bankdata Financial Services, reported.
The report stated that loans registered a substantial growth over the aforementioned period of this year, supporting earning growth in a period that witnessed relatively tough operating conditions.
It happened again. The Lebanese commercial banking sector in addition to many in the Cabinet were making the obligatory news media rounds on May 10, 2010 trumpeting the extraordinary increase in capital inflows into Lebanon. On the surface that sure is good news. But does it really reflect heightened confidence in the Lebanese economy or are the commercial banks telling only one side of a more complicated reality.
Lebanon’s economy may grow more than 5 percent this year as money floods into the country, cutting borrowing costs and enabling the central bank to maintain investment incentives, the central bank’s Vice Governor Saad Andary said.
“I am confident we are going to replicate last year’s growth rate,” Andary said in an interview in Beirut today. “Interest rates have dropped and banks are flush with liquidity.”