Lebanon: Remittances to remain stable according to World Bank
Remittances are remain stable in Lebanon despite a difficult year, according to the World Bank
Lebanon will record a steady inflow of remittances in 2012 despite recent instability in the region, according to the latest statistics released by the World Bank.
“This indeed mirrors the confidence of the diaspora in the local banking sector as they were not dissuaded from transferring money despite the sporadic developments the country had witnessed in 2011 and so far in 2012,” Bank Audi said of the statistics, which it will include in its economic report to be released later this week.
Inflows of remittances will post a slight decline of 0.4 percent to stand at $7.578 billion in 2012, compared to $7.612 billion in 2011. Remittances in 2011 were almost equal to those of 2010, reporting also a mere decline of 0.1 percent from $7.619 billion.
The steady inflow of remittances has positioned Lebanon as the second highest receiver of remittances among MENA countries over the past three years after Egypt.
However, Lebanon’s share of the region’s total has been on a downward path from 19.2 percent in 2010 to 18.1 percent in 2011 and to an anticipated 16.5 percent in 2012.
When measuring remittances against Lebanon’s nominal GDP, the country’s share also posted a downward path, declining from around 21 percent in 2010 to 19 percent in 2011 and to a foreseen 18 percent in 2012, according to the report.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?