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LEBANON : A renewed STAGFLATION threatening 2011 indicators

Are you ready for an economy that has high inflation and high unemployment at the same time? Well, welcome to "Stagflation 2011." Stagflation exists when inflation and unemployment are both at high levels at the same time. Of course we all know about the high unemployment situation already. Unemployment rate has been hovering around 10 percent all year so far. read more

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Total Assets held by Lebanese commercial banks reached $134.04 billion by the end of May this year, up by 11.07% from May 2010 and by 3.96% from December 2010. Total claims on the resident private sector jumped by 19.8% from May 2010 to $32.02 billion, boosted by a considerable rise in housing loans, according to Central Bank Governor Riad Salameh. Claims in local currency thus surged 37.1% to $7.62 billion, while claims in foreign currency climbed 15.3% to $24.45 billion. In contrast, claims on the public sector slid by 2.24% to $28.33 billion as the newly issued government debt was lower than maturing Treasury Bills. Bank’s Tbill holdings fell 2.1% to $28.27 billion. On the liabilities’ side, private sector deposits, representing 82.4% of total assets, reached $110.47 billion, up by 12.5% from May 2010. The rise in deposits in the first five months of the year stood at 3.04% or $3.27 billion, and was thus in line with the increasing deposit pace needed for Lebanon to cover its public and private financing needs; noting that governor Salameh had estimated that Lebanon requires a 5% to 6% annual rise in deposits to be able to finance both public and private sectors’ needs. The dollarization rate of deposits reached 66.45% by end May, up from 66.17% in April.

USD235bln in illegal money in Middle East

According to a recent report by the Swiss research company MyPrivateBanking wealthy individuals from the Middle East and Africa hold about $1.5 trillion in foreign bank accounts (offshore). The research firm estimates that at least 15 per cent of these assets have been obtained through illegal means or through taking advantage of government positions and transferred out of the home countries. The major part of this wealth is in accounts with European banks, which as a consequence of the ongoing pressure for corrupt regimes to be overthrown, face serious financial, legal and reputational challenges.

The Arab Countries Bailout

Mideast Countries See Opportunity Amid Unrest

Opportunity for Mideast to lay foundation for socially inclusive growth agenda - Challenge is to maintain social cohesion while preserving economic stability
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