Economic Research | Lebanon This Week | Lebanon This Week 556 | Association of Banks increases reference rate on US dollar lending | Lebanon | Byblos Bank

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Byblos Bank

Lebanon This Week 556

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Association of Banks increases reference rate on US dollar lending

The Association of Banks in Lebanon (ABL) recommended to its member banks to increase the Beirut Reference Rate (BRR) in US dollars to 7.9% in November 2018 from 7.55% in August 2018, the most recently available rate prior to the new recommendation. The rate, considered as the reference rate for lending in foreign currency, replaced the London Interbank Offered Rate (LIBOR) in 2009, as the ABL decided that the LIBOR does not reflect the cost of funding and lending in Lebanon. In addition, the ABL recommended to its member banks to maintain the BRR in Lebanese pounds at 10.7% in November 2018, unchanged from August 2018. The BRR in US dollars and Lebanese pounds were adopted in March and May 2009, respectively. The ABL considers that the BRR does not replace the Beirut Prime Lending Rate in each currency, but constitutes the basis to calculate the prime rate after adding the cost of liquidity and refinancing, credit risk and the profitability of banks.
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