January 17, 2020 / 2:23 PM / a month ago

UPDATE 1-Beirut reference rate lowered -Lebanon banking association

(Adds BRR of Dec 2019)

BEIRUT, Jan 17 (Reuters) - Lebanon’s banking association said the Beirut Reference Rate (BRR) on U.S. dollars had gone down to 8.5% and on Lebanese pounds to 11.5% as of January 2020.

The rate was 10.39% for dollars and 13.49% for Lebanese pounds in December 2019, according to Blominvest Bank.

In a statement, the association said the reduction in the reference rate for lending reflected a central bank decision to cap interest for new and renewed deposits after Dec. 5. (Reporting by Eric Knecht and Ellen Francis; Editing by Kevin Liffey)

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