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Lebanese lenders forced to ‘pay high rates’ for overseas operations

: Saturday, June 21 - 2014 @ 01:19

Chairman and general manager of Bank of Beirut, Samir Sfeir, has said Lebanese banks operating abroad are being made to pay higher rates to central banks than their local competitors, The Daily Star has reported. “They [foreign central banks] impose on our active banks rates that are three times higher than what is imposed on their own banks, [a policy] which really affects our earnings, competitiveness, and the revenues of the mother bank,” Sfeir told participants at the Arab Economic Forum.

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Saturday, June 21- 2014 @ 1:19 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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