source: www.ansemed.info

The wealthy tourists are gone, the stores and restaurants are empty in central Beirut and the property market has come to an abrupt standstill.

This is the economic impact of the Syrian conflict on neighbouring Lebanon.

But as in all periods of serious crisis, the banking sector is a pillar of the country's economy, guaranteeing credit to local companies.

According to the Italian Embassy's last official economic bulletin, in 2012 the banks of the country enjoyed a 7% rise in deposits and increased finance to the private sector by 10%.

"Lebanese banks, thanks to the efficient leadership of the Banque du Liban, Lebanon's central bank, knew how avoid the spread of the international financial crisis, and retained the trust of busineses of the local, international and Lebanese diaspora in the banking sector," it said.

"They posted surprising results in the term deposits of residents and non-residents in recent years and for credit in the public and private sector".

The results of the first four months of the year confirmed the trend.

According to the central bank's data from January to April, the banking sector's activities rose 2.1%.

"Annual growth for 2013 could be 10%," the Bank of Beirut's Roger Dagher told the newspaper Daily Star.

image: www.dnsee.com