|17 January, 2020

Beirut reference rate lowered -Lebanon banking association

The rate was 10.39% for dollars and 13.49% for Lebanese pounds in December 2019

Image used for illustrative purpose. A money exchange vendor displays Lebanese pound banknotes at his shop in Beirut February 7, 2012.

Image used for illustrative purpose. A money exchange vendor displays Lebanese pound banknotes at his shop in Beirut February 7, 2012.

REUTERS/Mohamed Azakir

BEIRUT - Lebanon's banking association said the Beirut Reference Rate (BRR) on U.S. dollars had gone down to 8.5% and on Lebanese pounds to 11.5% as of January 2020.

The rate was 10.39% for dollars and 13.49% for Lebanese pounds in December 2019, according to Blominvest Bank.

In a statement, the association said the reduction in the reference rate for lending reflected a central bank decision to cap interest for new and renewed deposits after Dec. 5.

(Reporting by Eric Knecht and Ellen Francis; Editing by Kevin Liffey) ((eric.knecht@thomsonreuters.com; Reuters Messaging: eric.knecht.thomsonreuters.com@reuters.net))

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