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FinancialNews


  • 29-01-23

    Expert believes Lebanese banks might regain in next 5 to 10 years with right strategies

    (MENAFN) The economic catastrophe in Lebanon might be resolved in the next five to 10 years if a “well thought out program” is applied that takes care of small depositors, addresses the requirements of medium-sized ones as well as brings big depositors on board as associates in additional banks, as said by a finance sector specialist in London.

    The Lebanese economy has “continued to deteriorate to untenable levels,” based on the International Monetary Fund. Per capita gross domestic output dropped by 36.5 percent from 2019 up to 2021, and is estimated to decline even more in 2023.

    “They could have had a quicker recovery had they started earlier,” stated George Kanaan, chief executive of the Arab Bankers Association, a nonprofit professional organization in London whose staff operate in banking and associated sector in the Arab world and the UK. “But three years have passed and nothing has happened.”

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