According to a recent report published by The Policy Initiative (TPI), Lebanese banks spent $1.17 billion between 2012 and 2021 to influence public opinion.
According to the report, banks launched financial engineering operations between 2016 and 2018 in order to increase bank deposits.
These operations succeeded, as deposits in banks increased from $155 billion in 2015 to $179 billion in 2018.
During that period of time, the banking sector made up 12% to 15% of media advertising in Lebanon.
The report added that the 6 most-watched broadcast media corporations in Lebanon – MTV, LBCI, OTV, NBN, Al-Jadeed, and Future TV – received 97% of the total media spending.
These media advertisements were issued in order to portray a narrative of stability and prosperity, while, in reality, Lebanon’s economy was stagnating.
The Policy Initiative (TPI) is a Lebanese independent think-tank founded in February 2021 with the mission “to bring policies back to the people.”
“Public policies are designed to address societal needs,” TPI explains on its website. “In Lebanon, however, policies have lost their “public” nature: They have been crafted by the political elites for the elites, putting their own interest ahead of the public’s.”
For more on the TPI’s recent report on banks, check: Buying the Narrative: How Lebanese banks exploited the media to influence public opinion.
