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.
Also Read
-
IMF may call on Lebanon to cut public wages, alter peg: Experts
The IMF is likely to ask Lebanon to make painful reforms, including cutting public wages and fixing the exchange rate, but the new government is ... Features -
To ease economic crisis, Lebanon central bank cuts rates
Lebanon’s central bank Thursday told commercial banks to lower interest rates on dollar and Lebanese pound deposits in the latest attempt to ... Economy -
Lebanon’s Diab pledges not to run or support presidential candidates
Lebanese Prime Minister Hassan Diab and all 18 cabinet members pledge “not to run or support any candidate” in upcoming parliamentary ... Middle East -
Lebanon government forms committee to deal with Eurobond issue: Report
Lebanon’s government formed a committee to study how to deal with looming sovereign debt maturities, including a $1.2 billion Eurobond maturing ... Economy
