World News

Lebanese central bank caps interest rates on deposits: Lebanese media

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)