The Central Bank declined to intervene directly to bring down the cost of interbank lending. (The Daily Star/Hasan Shaaban)
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The Central Bank (Banque du Liban) has asked commercial banks not to sell insurance policies from their branches and to refrain from promoting insurance products with the logos of the banks.The Insurance Control Commission, which represents the insurance companies that are totally or partially owned by commercial banks, Thursday assured that it will fully cooperate with the Central Bank and Banking Control Commission.A member of the Insurance Control Commission told The Daily Star that the insurance firms will take clear steps to avoid such controversies in the future.He added that the affected banks will now study the possibility of selling insurance products from the offices of the companies and not from the branches.
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