Beirut reference rate lowered -Lebanon banking association

BEIRUT, Jan 17 – 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.

(Reuters)