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
STRATEGIES & PLANS
A fundraising event, entitled Think Green, will be held by Zero Waste ACT for all its business members on September, 10,2013, at WHITE, Dora.
The Green Mind Association invited all Green Mind Award Participants, finalists, runner ups and winners to the GREEN MIND DAY on Jan-16-2013 in Beirut, to create a platform where interested Venture Capital and Potential Investors met with participants.
A green initiative launched by Ashrafieh 2020 project aims to transform Ashrafieh into a tranquil and unpolluted area.Green spaces allow residents to walk and ride bicycles.