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ABL amends rate on Lebanese pound lending

The Association of Bank in Lebanon (ABL) recommended to its member banks to maintain its Beirut reference rate on US dollars at 4.68% starting in January 2012, unchanged from the current rate.The rate is considered as the reference rate for lending in foreign currency, replaced in 2009, the London Inter-Bank Offering Rate (LIBOR) since the ABL considered LIBOR no longer accurately reflects the cost of funding and lending in Lebanon.

 

Additionally, ABL recommended to its member banks to increase its Beirut reference rate on Lebanese pounds to 7.12% starting in January 2012 from 7.09% currently. The Beirut reference rate on US dollars and Lebanese pounds were adopted in March and May 2009 respectively.

 

The ABL indicated that the BRR does not replace the Beirut Time Lending Rate in each currency, but constitutes the basis to calculate the prime rate after adding the cost of liquidity and refinancing, credit risks and the profitability of banks in the prime lending rate. Lebanon This Week, Byblos Bank’s economic publication

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Migration to cities is increasing so much that, by 2050, the UN predicts that approximately two thirds of the world’s population will be living in cities.

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