Lebanese banknotes displayed at an exchange office in Beirut, Wednesday, Nov. 8, 2017. (The Daily Star/Mohammad Azakir)
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Banque du Liban intends to increase the interest rates on certificates of deposit soon after advising the commercial banks to hike interest rates on customer deposits to widen the spread with the U.S. dollar, bankers said Thursday.This increase would widen the spread with the U.S. dollar," one banker told The Daily Star.He added that BDL has encouraged Lebanese commercial banks to increase the interest rates on Lebanese pound deposits to around two percentage points.This will bring the average interest on Lebanese pound deposits to 8 percent compared to around 4.5 percent on dollar deposits.Some Arab Gulf states have also hiked interest rates on the deposits following the increase of interest rates by the U.S. Federal Reserve.
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