February 13, 2020 / 11:36 AM / 6 days ago

Lebanese central bank caps interest rates on deposits: Lebanese media

FILE PHOTO: Lebanon's Finance Minister Ghazi Wazni attends a news conference at the presidential palace in Baabda, Lebanon February 13, 2020. REUTERS/Mohamed Azakir

BEIRUT (Reuters) - The Lebanese central bank has set an interest rate cap of 4% on dollar bank deposits and a cap of 7.5% on Lebanese pound deposits, according to a circular reported by several major Lebanese news outlets on Thursday.

The circular, published by al-Jadeed, LBC and MTV, set a cap of 2% on dollars deposited for a month and a 4% cap on dollars deposited for a year or more. The rates apply on deposits made or renewed from Feb. 12.

Reporting by Ellen Francis; Writing by Tom Perry; editing by John Stonestreet

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