Balance of payments deficit rises to $1.021 bln

Figures released by the Central Bank show that the balance of payments recorded a cumulative deficit of $ 1.021 billion in the first half of 2012, compared to a tighter shortfall of $479.2 million seen in the same period of last year. The deficit registered in the aforementioned period of 2012 is the result of a decline of $ 2.169.2 billion in net foreign assets of Lebanese banks, which offset the rise of $1.148.2 billion in net foreign assets of the Central Bank of Lebanon. During the month of June 2012, the balance of payments recorded a deficit for the third consecutive month. It reported a deficit of $23.4 million during the month, compared to a surplus of $563.8 million seen in the same month of 2011. The negative balance this June results from a decline of $275.8 million in net foreign assets of commercial banks which offset the $ 252.4 million rise in those of commercial banks. From DailyStar