Lebanon’s banking association lowers benchmark interest rates

Salim Sfeir, chairman of the Association of Banks in Lebanon and chief executive of Bank of Beirut, is pictured during an interview with Reuters in Beirut, Lebanon. (File photo: Reuters)

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.

Last Update: Wednesday, 20 May 2020 KSA 09:53 - GMT 06:53