Beirut reference rate lowered to 5.75% for dollars - banking association

Lebanon's banking association said on Wednesday that the Beirut Reference Rate (BRR) was reduced to 5.75% for U.S. dollars and to 7.75% for Lebanese pounds.

The statement said this was down from 9.35% for U.S. dollars and 12.45% for Lebanese pounds at the start of the year.

It said the reduction in the reference rate for lending which came after central bank circulars sought "to alleviate the burdens of borrowing...and stimulate economic activity in the current tough circumstances."