Complex Made Simple

Lebanon balance of payments dips 4.4%

The Lebanese central bank has said the country's balance of payments has recorded a deficit of $997.6m in the first five months of 2012, 4.4% lower than the deficit registered during the same period last year, The Daily Star has reported. This is in contrast with the balance of payments in the same period of 2009 and 2010 which recorded surpluses of $1.66bn and $1.21bn, respectively, the data showed. Outflows of net foreign assets for the second consecutive year reflect the slow-recovering confidence of investors and tourists in Lebanon, amid the region's current political conditions, the apex lender said.