The Syrian pound has lately reached its lowest rate against the US dollar in the black market, after being sold at around 1,000 for one dollar. Non-resident customer’s deposits (27.85%of the total liabilities) witnessed an increase of 7.31% since the beginning of the year to $37,73B. Even banks that have current accounts with the Banque du Liban do not have unfettered access to their foreign currency deposits. HIGHLIGHTS Evolution of Total Assets During Last Ten Years TOTAL ASSETS Evolution of Customers’ Deposits During Last Ten Years CUSTOMERS’ DEPOSITS 2018 0 5,000 10,000 15,000 20,000 30,000 25,000 Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 ASSETS 13,576 15,288 16,602 17,015 18,485 19,035 19,870 20,779 22,675 25,007 USD MILLION Finally, any future model will also require a migration towards a floating currency, and revised tax and financial sector laws and regulations, encouraging greater competition including from foreign banks. In addition to rebuilding capital buffers and addressing the disastrous state of government finances, we would advocate reforming the financial sector in order to avoid banks’ over-exposure to the public sector in the future, incentivising them to lend instead to the real economy. He said that all together, the Syrian deposits in Lebanon could surpass $50 billion. Larger banks can also attract investors more easily, especially high-quality long-term shareholders. EPA/PATRICK GEE, UAE Central Bank Urges Banks to Step Up Anti-Money Laundering Efforts, Jordan Remittances Fall 10% as a Result of COVID-19 Blow, UAE, Israel Discuss Energy, Infrastructure Cooperation, G20 Trade, Investment Ministers Make Series of Pledges, 'Chopard' Opens New Boutique In Kingdom Mall, Flydubai to Resume Flights to the Maldives in October, UAE's 1st Nuclear Plant Reaches 50% Power Capacity, Riyadh Ranks 5th Smart City among G20 Capitals, East Mediterranean States Formally Establish Egypt-Based Gas Forum, German Economy to Shrink by 5.2% This Year, Grow by 5.1% Next Year - Ifo, Iraq FM to Asharq Al-Awsat: Our Country Can’t Be Open Arena for Others to Settle Scores, Mohammad Al-Tuwaijri Passes Round One of WTO Leadership Race, Analysis: A Syrian-Libyan Trade-off at The Russian-Turkish Table, Tuwaijri: WTO Needs ‘Practical Leadership’, Young Lebanese Surgeon Finds New Sense of Duty, Testimony of Syrian ‘Gravedigger’ at German Court Rivals Horrors of Nazi Crimes, British Company Concerned over its Oil ‘Rights’ in Northeastern Syria. The increase took place in both deposits foreign currencies and LBP recording 8.19%and 0.95% to $33.41B and $4.31B respectively. What will be the impact of the sovereign default on the banking sector? ABN Amro Bank - Holland; Banque Misr Liban; Banca di Roma; Lebanese Islamic Bank S.A.L. Lebanon's besieged banks scramble to avoid near total wipeout. For most banks, a full mark-to-market would leave them insolvent. Warka Bank for Investment and Finance S.A.L.
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