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Banks Profitability Affected by High Interest Rates in Lebanon

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Profits of banks will be drastically affected if some lenders continue to offer higher interest rates in an “irrational” manner, bankers have warned.

Some of the leading Lebanese banks are vying to lure more deposits by offering high interest rates on Lebanese pound deposits.

“But this trend will eventually affect the profitability of the lenders because the cost of deposits is very high,” the chairman of a medium-sized bank told The Daily Star.

High interest rates will cause economic contraction at a time when the economy is already witnessing slow growth. (Shutterstock)

Copyright © 2019, The Daily Star. All rights reserved.

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