Lebanon s Central Bank building in Beirut, Friday, March 16, 2018. (The Daily Star/Mohammad Azakir)
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Despite the increase, the interest rates on dollar deposits in Lebanon average between 3.5 and 4 percent, compared to less than 2 percent in the U.S.The interest rates on Lebanese pound deposits remained higher than dollar deposits by an average 2 percentage points in order to encourage customers to stick to the national currency.Some Lebanese banks are even offering up to 11 percent interest on Lebanese pound deposits for those over LL1.5 billion ($1 million) with a minimum maturity of one year.However, some small Lebanese banks are now offering close to 9 percent interest on three-year certificates of deposit in U.S. dollars and more than 11 percent on Lebanese pound accounts.Leading banks argue that raising interest rates on dollar deposits to 9 percent may be counterproductive in the long run.
Lebanese banks brace for possible downgrade
U.S. steps up pressure on Beirut over Hezbollah
Lebanon could need IMF bailout if can’t cut deficit: analyst
FOLLOW THIS ARTICLE