Middle East Economic Survey

VOL. XLVIII

No 26

27-June-2005

Lebanon

Lebanese Monetary Authorities To Cut Interest Rates On Local Currency Deposits

The Association of Banks in Lebanon decided at a meeting on 18 June to gradually decrease interest rates to a ceiling not exceeding 8% on one-year large deposits in Lebanese pounds from the current level of just under 9% at some banks, and up to 12% at others. Interest rates shot up after the killing of former Prime Minister Rafiq al-Hariri...