Lebanon's balance of payments (BoP) turned to a USD 504mn surplus in September from USD 223mn deficit the previous month, the Association of Banks in Lebanon said on Nov 25. The reading was lifted by better seasonal tourism activity and a narrowing trade deficit. The latter shrank to USD 1.28bn in September from USD 1.55bn a month earlier. The BoP reported a USD 92mn deficit in September 2012.
In January-September, the BoP deficit narrowed to USD 676mn from USD 1.18bn at end-August. The reading resulted from a USD 2.278bn increase in net foreign assets of the central bank that was mitigated by a USD 2.954bn drop in net foreign assets of Lebanese banks and financial institutions.
IntelliNews comment: Tourism activity in Lebanon traditionally peaks in Q4 ahead of the end-of-year festivities when a large number of Lebanese expatriates and even Arab and EU nationals travel to the country. In case the security situation remains relatively stable (despite sporadic turmoil), the services income will likely improve further and help strengthen the BoP surplus in the near term.
Related Articles
Iraq holds talks with Excelerate Energy on buying first LNG from US
Iraq is in the final stages of negotiating its first-ever purchase of LNG supplies as power outages hamper the Middle East country, Bloomberg reported on June 26. Dallas-headquartered Excelerate ... more
Reformist Kamil al-Tayeb Idris appointed as Sudan’s new Prime Minister
Sudan’s Sovereign Council head, Abdel Fattah al-Burhan, issued a constitutional decree on May 19 appointing Kamil al-Tayeb Idris as the new prime minister, Al Sharq Al Awsat reported. He also ... more
Egypt examines LNG supply offers from Saudi Aramco, UAE’s Adnoc, Algeria’s Sonatrach, and QatarEnergy
Egypt's state-owned gas company EGAS has received several offers to supply liquefied natural gas (LNG) shipments urgently needed for summer, Al Sharq reported on May 18, citing an unnamed government ... more