Lebanon's central bank lowers interest rates on deposits amid financial crisis

0 Comment(s)Print E-mail Xinhua, December 4, 2019
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BEIRUT, Dec. 4 (Xinhua) -- Lebanon's Central Bank on Wednesday ordered banks to reduce the interest rates on deposits in U.S. dollar and Lebanese pound to 5 percent and 8.5 percent respectively.

The new interest rates on deposits apply to new and renewed deposits from Wednesday, a statement issued by Banque Du Liban said.

The central bank previously increased interest rates to attract dollar deposits.

Economic experts criticizing this policy said it encourages people to save their money in banks instead of making investments, which would cause a slowdown in economic growth. Enditem

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