One third of the Lebanese borrowed in 2014 according to World Bank

Byblos Bank Group published in its weekly newsletter the findings of a World Bank report on borrowing levels among the Lebanese during the year 2014. Figures indicated that 34% of citizens who are 15 years or older have resorted to borrowing, either individually or jointly from sources available to them during that year. Sources of funds varied between commercial banks, financial institutions, family members, friends, private informal lenders among other sources. The report also indicated that the percentage of Lebanese who borrowed money in 2014 placed the country in 103rd position among 143 countries globally, 26th among highest 40 middle-upper income countries, and 5th among 9 developing countries of the Middle East and North Africa. To note, the rate of Lebanese who borrowed money in 2014 remains lower than the global rate of 42%, the rate of 37.7% for middle-upper income countries and of 45.7% for MENA region. The report also revealed that 3.4% of adult Lebanese borrowed money to cover their education or school fees, that is less than the global average of 7.7%, the average of 6.1% for middle-upper income countries and 8.2% for developing MENA countries. (An Nahar, 25 May 2015)