Interest rates up on deposits in lira. Rates rise to lock in longer terms and for balance sheet window dressing

Banks reached a tacit agreement among themselves following the resignation of Prime Minister Saad Hariri to raise interest rates on lira deposits according to Amine Awad, General Manager at BLOM Bank.

The banks offered higher rates on deposits with tenures of more than three months and for large amounts. The intention is to encourage depositors to opt for longer term commitments."It contributes to reducing the mismatch between the tenures of the banks' assets and liabilities,"Awad said.
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