The Central Bank in Beirut, Tuesday, Oct. 6, 2015. (The Daily Star/Mohammad Azakir)
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Less than 1 percent of depositors control 50 percent of all customer deposits in Lebanese banks, the IMF said this week.It is estimated that there are over 1 million depositors in Lebanon.A financial source told The Daily Star the Central Bank had not disclosed the concentration of deposits in Lebanon for nearly eight years.Lebanon is one of the few countries with strict banking secrecy, and for this reason it is nearly impossible to identify depositors and the amount of cash they have in banks.The concentration of deposits in fewer accounts has grown in recent years, the IMF noted.The fund also took note of last year's financial engineering operation, saying that the Central Bank had managed to beef up its foreign currency reserves, but had also brought excess liquidity in Lebanese pounds to banks.
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