The Banking System is the backbone of the local economy with a balance sheet of $152 billion at the end of 2012, nearing 3.5 times the GDP estimated at $43 billion by the IMF. Bank deposits also increased in 2012 by 8% to 125 billion dollars, 82 percent of the sector's assets. "Banks are still attracting deposits because the interest rates offered are higher than the ones in Europe and the United States", says Marwan Mikhael, head of research at BLOM Bank.