Central Bank Tells Banks to Make Cheap Dollar Loans to Blast Victims

  • Economics
Central Bank Tells Banks to Make Cheap Dollar Loans to Blast Victims

Lebanon's central bank Thursday instructed banks and financial institutions to extend exceptional dollar loans at zero interest to individuals and firms impacted by the Beirut port explosion.

Money transfer houses should distribute transfers from abroad to Lebanon in dollars, the central bank said separately.

Exceptional loans should be made regardless of customer account limits, carry no interest and be repaid over five years. It said the loans can be repaid in Lebanese pounds based on the interbank rate of 1,515 pounds to the dollar.

The central bank would in turn provide dollar loans at zero interest to the banks and financial institutions granting the exceptional loans, it said.

 

Source: Reuters