PROLONGED CABINET FORMATION Public transfers …

Ext. 11210 Page 3 Public transfers to municipalities offset revenue gains by FebruaryPage 4 Banque du Liban sees deposits growing by 5% in 2018 Page 5 Soaring inflation should moderate to by 2019 - IIFPage 6 Robust global growth threatened by trade tensions, higher yieldsPage 7 Latest data for Lebanon s keyeconomic sectorsPage 8 Key trends in the LebaneseeconomyPROLONGED CABINET FORMATION PROCESS CLOUDS ECONOMIC OUTLOOK| August 2018N 71 Elevated political tensions in July cast doubt over CABINET FORMATION efforts, clouding the outlook for the Lebanese economy and slowing the momentum of fiscal policy that came with the election of a President in late 2016 and the FORMATION of a national unity CABINET shortly thereafter.

Deposit growth was almost equally divided between local and foreign currencies, signaling some recovery in confidence among depositors in the local currency.

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