Lebanon Opportunities

MATTERS OF FACT

NON-RESIDENTS BANK DEPOSITS SURGE

ustomer deposits in commercial banks grew 2.8 percent last year to $173.2 billion on the back of a jump in non-resident deposits and in foreign currency deposits, according to Central Bank data. Deposits denominated in foreign currencies, which account for 71 percent of total deposits, increased 5.8 percent. Deposits in the local currency dropped 3.6 percent over the same period. Deposits by non-resident customers, representing 22 percent of overall deposits, jumped 7.3 percent year-on-year. The deposit growth was mainly driven by the rise in interest rates, which is part of a global trend, according to Bank Audi’s ‘Lebanon Economic Report’ for the last quarter of 2018. Strong activity in December, partly derived from window-dressing, also contributed to the growth, the report said. Banks usually compete before the end of each year to attract more deposits and improve their figures.

You’re reading a preview, subscribe to read more.

More from Lebanon Opportunities

Lebanon Opportunities10 min read
Winning Strategies Innovative And Low-cost Products
Many businesses are adopting winning product strategies to boost their profits by better serving customer needs. Some of these policies focus on offering basic consumer products, such as cleaning products, at affordable prices to compete with more ex
Lebanon Opportunities5 min read
The Useless Lollar
The use of lollars (dollars in bank accounts prior to Nov. 2019) has been steadily decreasing since the onset of the crisis. It is still possible to exchange deposits to cash but at an 85 to 90 percent discount. The trend is likely to continue if no
Lebanon Opportunities6 min read
Growth In Sales
More businesses have reported an increase in sales in 2022 compared to the previous year. They have also achieved a higher growth rate in terms of sales value, according to a survey of over 100 medium and large size companies carried out by InfoPro R

Related