Lebanon economy faces remittances drop

21 Jun 2016

(MENAFN) Lebanon received USD7.2bn last year in wire transfers, which allowed for the increase in deposits as the economy depended on payments to fund private and public sector.

Additionally, the figure introduced almost 15 percent of nominal GDP, which was estimated to stand at almost USD50bn in 2014.

As emphasized, the drop in oil prices and the slowdown in oil-producing Arab Gulf States triggered a drop in payments to Lebanon by almost 3.3 percent in 2015.

However, the Lebanese Central Bank was under stress to keep the country’s financial independence by respecting global regulations.

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