In recent years, Lebanon’s banking sector has played a pivotal role in supporting local economy. In spite of repetitive security crises and heightened tensions, the financial industry has been able to navigate through tricky waters — rendered uncertain by Lebanon’s political situation — while at the same time contributing to the resilience of the economy. “The banking sector assets are larger than the actual Lebanese economy. In most countries, deposits amount to once or twice the national income, while in Lebanon, it is as much as three times,” said economist Marwan Iskandar. Commercial banks’ assets hover at $85.1 billion, while the GDP is only $24 billion. The economist attributes this unusual situation to the large number of expatriates — estimated at about 40% of the total population — making yearly transfers to their families in Lebanon. Iskandar believes this year’s remittances have reached as much as $7 billion. “This figure
