×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Lebanon | Protests

Lebanese Central Bank Slashes Interest Rates amid Crisis

Lebanese Central Bank Slashes Interest Rates amid Crisis

Wednesday, 04 December 2019 08:37 AM EST

BEIRUT (AP) — Lebanon’s central bank says it’s dramatically lowering interest rates on dollar and Lebanese pound deposits and loans as part of measures to deal with a burgeoning economic crisis.

Wednesday’s decision comes as Lebanon, the world’s third most indebted country, faces an unprecedented economic and political crisis amid nearly 50 days of nationwide protests.

A notice from the Banque de Liban says it slashed interest rates on dollar deposits to 5%, down from as high as 14%.

Banks had closed for nearly two weeks at the start of protests in mid-October. There was a run on the banks after they reopened and the local currency lost nearly 40% of its value. The government then resigned on Oct. 29 and a new one has yet to be named.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Lebanon's central bank says it's dramatically lowering interest rates on dollar and Lebanese pound deposits and loans as part of measures to deal with a burgeoning economic crisis.Wednesday's decision comes as Lebanon, the world's third most indebted country, faces an...
Lebanon,Protests
128
2019-37-04
Wednesday, 04 December 2019 08:37 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved