26 June 2009
BEIRUT: Rami Nemer, head of the board of directors of First National Bank (FNB), praised on Thursday the performance of the Lebanese banking sector and its resilience to the global financial crisis during a lunch hosted by the bank. "The Lebanese banking sector should benefit from the exceptional opportunity of attracting additional investments to the country, following the recession that has prevailed in most of the countries as a result of the global financial crisis," said Nemer.
According to the latest Lebanon Weekly monitor report issued by Bank Audi, net capital inflows into Lebanon amounted to $2.403.1 billion in April, up by more than two times (117 percent), when compared to the same month of 2008.
It added that this considerable increase in April boosted the yearly increase in capital inflows to 40.6 percent in the first four months of 2009. Moreover, capital inflows totaled $4.940.8 billion in the first four months of 2009, versus $3.514.2 billion in the first four months of 2008.
On the other hand, Bank Audi's Lebanon economic report stated in its latest quarterly study that the continuous resilience of the Lebanese banking sector is reflected by the growth in banks' aggregate domestic assets, which reached $3.681 billion in the first quarter of 2009 against $2.882 billion in the same period of 2008.
Nemer also highlighted the important role that Lebanon plays as a bridge between the East and the West which is reflected by the high rates of reservations in hotels and airline companies.
"This high tourism activity will give our economy a great boost unlike other countries' economies which are experiencing significant recession," said Nemer.
Lebanon weekly monitor reports a rise of 69.2 percent in tourism activity in the first five months of 2009 when compared to the same period a year ago, with tourists reaching 569,724.
"We are expecting a growth rate of 5 percent this year in Lebanon which is considered to be satisfying in the midst of such a financial crisis and at a time when recession is hitting the strongest economies in the world," added Nemer.
Copyright The Daily Star 2009.
