BREAKING NEWS

Senior Banker: Lebanon sees no big Syrian cash flow

By REUTERS

JULY 8, 2011 20:51

BEIRUT - Lebanon has not received significant inflows of money from neighboring Syria, a senior Lebanese banker said, despite reports of Syrian capital outflows triggered by the unrest against President Bashar Assad.

Makram Sader, Secretary General of the Association of Banks in Lebanon, said reports of many billions of dollars of capital flight from Syria were exaggerated, and there was little sign of Syrian money piling into Lebanese banks.

"Our deposit growth in the last five and a half months was $3.3 billion -- less than our normal growth," Sader told Reuters. Annual deposit growth had averaged 15 percent for the last five years, he said.

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