In a series of capital control measures put in place to try to ease the effects of the financial crisis that has gripped Lebanon since October 2019, the Central Bank (BDL) instructed the banks on February 13th to lower the interest rates for customer’s deposits for both dollars and Lebanese pounds.
The interest rate was capped at 4 percent for dollar deposits and 7.5 percent for Lebanese pound deposits, according to a circular seen by AFP. This is the second time in two months that the BDL has taken such measures.
This reduction is, according to a source that spoke to Naharnet, part of a “more comprehensive economic rescue plan” by the Central Bank. Prime Minister Hassan Diab promised that, by the end of the month, the government will have a comprehensive rescue plan.