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Lebanon’s banking association lowers benchmark interest rates

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Lebanon’s banking association said on Friday that the Beirut Reference Rate (BRR) for US dollar loans had been reduced to 6.75 percent from 8.5 percent and on Lebanese pound loans to 9 percent from 11.5 percent.

The association said the new rates come after a central bank circular issued on Thursday calling for reduced interest rates and to stimulate economic activity.

On Tuesday, Lebanon’s new cabinet won a vote of confidence in parliament based in part on a financial rescue plan it put forward for grappling with a deep financial crisis.