(The Daily Star/HO)
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The conversion from Lebanese pound to U.S. dollar bank accounts was relatively limited Monday as most citizens tried to come to terms with the sudden resignation of Prime Minister Saad Hariri.The proportion of dollar deposits in Lebanese banks is still 67 percent of total deposits, with the remaining 33 percent in Lebanese pounds.To encourage customers to keep their deposits in Lebanese pounds, banks have been offering higher interest rates on the national currencies versus the U.S. dollar.Total assets of commercial banks reached $213.4 billion at the end of September 2017, up 7.8 percent from a year earlier.Customer deposits in commercial banks reached $169.1 billion at the end of September 2017, up 7 percent from a year earlier.Foreign currency Deposits stood at $113.1 billion and deposits in Lebanese pounds at $56 billion.Assaf said that if a depositor insisted on converting their deposit to a dollar account before its maturity, BBAC would offer to give them a loan in dollars that is equivalent to portion of the deposited amount in the national currency.
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