Lebanon reduces reference rate to ease borrowing burden of private sector

Association of Banks in Lebanon announced on Wednesday that the Beirut Reference Rate (BRR) was reduced to 5.75 percent for the U.S. dollar and to 7.75 percent for the Lebanon pound.

The BRR was 9.35 percent for U.S. dollar and 12.45 percent for Lebanese pound in the beginning of 2020, according to an association statement.

The reduction in the reference rate for lending aims at alleviating the burdens of borrowing by the private sector under the tough economic circumstances in the country, the statement noted.

A reference rate is a determining interest rate in a country.

(XINHUA)