Interest Rate Activity in the Lebanese Banking Sector
Statistics released by Banque Du Liban (BDL) reveal a slight monthly contraction in the average interest rate on Lebanese-pound denominated deposits to 7.25% in June 2008, down from 7.27% in May 2008 in comparison with 7.5% in June 2007.
Economic Developments In the Second Quarter of 2008
According to the sixth Paris III progress report released by the Lebanese Ministry of Finance ("MOF") last week portraying the performance of the Lebanese economy in the Second quarter of 2008, total agreements signed with international donors until June 2008 have reached $4.709 billion out of a pledged amount of $7.532 billion secured in aftermath of the Paris III Summit.
Credit Libanais’ Financial Performance In The First Half of 2008
On the banking sector front, Credit Libanais released its first half unaudited financial statements unveiling a staggering 72.96% annual increase in net profits after tax to $27.84 million as at end of June 2008.
GDP Of GCC Countries Expected To Attain $1.15 Trillion
According to the Emirates Business, the economies of Gulf Cooperation Council (GCC) countries are expected to expand by $300 billion from $810 billion in 2007 to attain a record level of $1.15 trillion in 2008.
Consumer Price Index In July 2008
The U.S. Labor Department reported a mild 0.8% monthly increase in the U.S. Consumer Price Index in July 2008 on the back of higher gasoline prices. The increase in CPI was mainly attributed to a 4% rally in energy prices.
