Aoun receives Salameh in Baabda, Monday, March 5, 2018. (The Daily Star/Dalati Nohra, HO)
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Central Bank governor Riad Salameh said Monday that nearly $500 million of funds provided by Banque du Liban to banks for housing loan purposes were exhausted in one month due to unprecedented demand from consumers.This statement followed a meeting between Salameh and President Michel Aoun, held at Baabda Palace, in which Aoun requested that the governor secure the housing loan funds that banks had formerly committed to disperse to applicants.Salameh said that BDL had provided banks with a fund worth $500 million in February, allocated for housing loans that would be used by members of the public to purchase apartments.Salameh in February released a 20-page memo hiking the interest rates on bank housing loans by half a percentage point; thus anyone who now applies for these loans receives higher interest rates.
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