Interbank Rates Fall After Hariri Turnaround

  • Economics
Interbank Rates Fall After Hariri Turnaround

Interbank rates fell to an average of 8-10 percent from 40 percent last week after Prime Minister Saad Hariri officially withdrew his resignation, bankers said Wednesday.

“Definitely the mood that prevails now is totally more positive than two weeks ago when the overnight borrowing between Lebanese banks reached close to 150 percent due to the political uncertainty following the sudden resignation of Hariri, who made this announcement in Riyadh. But after Hariri officially rescinded his resignation, the market became calmer and the interest rates returned to their normal levels,” one banker told The Daily Star.

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Source: The Daily Star