Deposits in Lebanese banks are expected to recover from a dip in the first five ...
BEIRUT - Deposits in Lebanese banks are expected to recover from a dip in the first five months of 2019 as customer optimism returns after approval of the state budget, the chairman of the Association of Banks in Lebanon said on Monday.
He also said banks would take steps to support the economy in the next four to seven months, including working to reduce interest rates and to extend more loans to some sectors. The government embarked on long-delayed reforms as the economy stagnated and as deposit growth in the banking sector slowed: the sector has long played a critical role in financing the state and the wider needs of the economy.
The budget aims to bring the deficit down to some 7.6% of GDP from more than 11% in 2018, though the International Monetary Fund has said this year’s deficit is likely to be well above the targeted level.
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