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[size=36]A banking expert reveals the size of the Syrians money in Lebanese banks[/size]
Economy | 09:33 - 09/01/2020
Follow-up - Mawazine News
Deposits of Syrians in Lebanese banks are estimated at about $ 45 billion currently, according to a study prepared by a Syrian banking expert and carried by the newspaper "Al-Watan".
According to the data contained in the study, prepared by the head of the Banking Department at the Faculty of Economics at Damascus University, Ali Kanaan, the Syrians deposits exceed 25.4% of the total deposits in the Lebanese banks amounting to about $ 177 billion.
Kanaan stressed that these estimates concern deposits of individual Syrians, investors and businessmen in particular, without counting the deposits of some banks and insurance companies, and when taking into account these bodies, the total deposits exceed $ 50 billion.
According to the study, the monetary and financial effects of the Lebanese crisis recently started to appear quickly, unprecedentedly, on the Syrian economy, and the Lebanese Central Bank took a number of monetary measures that would reduce the size of speculation and calm the Lebanese market, but these measures were directly reflected in The Syrian economy.
Among the most prominent of these measures is the payment of remittances received from abroad to the Syrians in Lebanon in Lebanese pound rather than in dollars, and this has deprived the Syrian economy of approximately 4 million dollars a day coming from Lebanon to Syria to finance and support Syrian families.
The Lebanese Central Bank raised the interest rate on deposits in foreign currency and in the Lebanese pound, which prompted Syrian depositors to go again to deposit in Lebanese banks and attract cash from Syria to Lebanon.
In his study, Canaan stated that Lebanon was financing Syrian imports in exchange for commissions, and goods entered Syria, then he stopped during the crisis, and the Syrians had to find another source of funding, which put pressure on the exchange rate of the Syrian pound and the high prices of imports.
The study showed that these effects appeared clear in the Syrian economy, and its impact was reflected on the devaluation of the Syrian pound by about 44% of its value within ten days since the end of October and the beginning of December of 2019.
According to the data contained in the study, prepared by the head of the Banking Department at the Faculty of Economics at Damascus University, Ali Kanaan, the Syrians deposits exceed 25.4% of the total deposits in the Lebanese banks amounting to about $ 177 billion.
Kanaan stressed that these estimates concern deposits of individual Syrians, investors and businessmen in particular, without counting the deposits of some banks and insurance companies, and when taking into account these bodies, the total deposits exceed $ 50 billion.
According to the study, the monetary and financial effects of the Lebanese crisis recently started to appear quickly, unprecedentedly, on the Syrian economy, and the Lebanese Central Bank took a number of monetary measures that would reduce the size of speculation and calm the Lebanese market, but these measures were directly reflected in The Syrian economy.
Among the most prominent of these measures is the payment of remittances received from abroad to the Syrians in Lebanon in Lebanese pound rather than in dollars, and this has deprived the Syrian economy of approximately 4 million dollars a day coming from Lebanon to Syria to finance and support Syrian families.
The Lebanese Central Bank raised the interest rate on deposits in foreign currency and in the Lebanese pound, which prompted Syrian depositors to go again to deposit in Lebanese banks and attract cash from Syria to Lebanon.
In his study, Canaan stated that Lebanon was financing Syrian imports in exchange for commissions, and goods entered Syria, then he stopped during the crisis, and the Syrians had to find another source of funding, which put pressure on the exchange rate of the Syrian pound and the high prices of imports.
The study showed that these effects appeared clear in the Syrian economy, and its impact was reflected on the devaluation of the Syrian pound by about 44% of its value within ten days since the end of October and the beginning of December of 2019.
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