Federal Reserve Board Chairwoman Janet Yellen participates in a discussion on global finance during a conference May 6, 2015 in Washington, DC. Mark Wilson/Getty Images/AFP
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The liquidity in U.S. currencies in Lebanese banks is expected to swell once the U.S. Federal Reserve hikes interest rates, bankers said Tuesday.Federal Reserve Chair Janet Yellen is expected to raise U.S. interest rates in September, an action that could have a profound impact on both the U.S. and international markets.About 66 percent of the customer deposits in Lebanese banks are in dollars and other foreign currencies and the rest are in Lebanese pounds.The average interest rates on the dollar deposits in Lebanon are close to 2.5 percent, compared to 4.5 percent on Lebanese pound deposits. Nassib Ghobril, the chief economist at Byblos Bank, does not believe that raising U.S. interest rates will have an immediate impact on the deposits in Lebanon.
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