The Central Bank in Beirut, Tuesday, Oct. 6, 2015. (The Daily Star/Mohammad Azakir)
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
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.
U.S. steps up pressure on Beirut over Hezbollah
Lebanon could need IMF bailout if can’t cut deficit: analyst
BDL launches initiative to lure funds from abroad
FOLLOW THIS ARTICLE