The Lebanese cabinet is considering raising taxes on interest rates on bank deposits from 5% to 8%. A draft proposal for economic restructuring is under consideration by the cabinet. However, the Lebanese banking sector has cautioned the government against such a move. Fransabank's Chairman Adnan Kassar termed the proposed measure a potentially dangerous move; which could seriously damage Lebanon 's banking sector. Total deposits currently are at $62 billion; three times the size of GDP . Lebanese banks play a pivotal role in investing in government treasury bills and Eurobonds; and thus fund the country's large public debt. Lebanon 's public debt is running at a record 180% of GDP . Lebanese bankers have expressed concern that increasing taxes could see withdrawal of bank deposits, amd that sSuch a move would have serious implications for the domestic economy. The Daily Star newspaper reported that banks have attracted funds from Lebanese and Arab investors over the past years, due to the high return on Lebanese pound deposits, generous banking secrecy laws and free transfer of funds. Non-Lebanese deposits are estimated at 20% of total deposits in the country.
African GSM operators and regulators began a conference in Abuja wherein the main focus would be increasing the continent's mobile phone subscription from its current level of over 84 million lines to 248 million lines by 2010. Nigeria hopes to have 50 million lines by 2010, which would be around 20% of the continent's total. Meanwhile, the Nigeria Communications Commission's Executive Vice Chairman, Ernest Ndukwe cautioned that several taxations and other levies imposed on GSM operators by states and local governments discouraged further investments in the sector.