Beirut explosion: Lebanese central bank directs institutions to give zero-interest loans

Leban's central bank on August 6 confirmed that it has instructed Lebanese banks to give loans to blast victims on zero percent interest. Leban's central bank while confirming earlier reports from social media said that nation's banks should issue se loans to people and companies who want to rebuild ir houses or businesses regardless of ir account limits. apex bank has instructed financial institutions to give interest-free loans for five years to anyone wanting to rebuild ir houses or businesses. 

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According to reports, top bank will also sell dollars at rate of one US dollar for 3,900 Lebanese pounds to businesses who are looking to import aluminum, wood, or glass, items necessary in rebuilding shattered city of Beirut. As per reports, 8,000 Lebanese pounds sell for one US dollar in black market, way above what central bank is offering to importers at moment. central bank's official website shows Lebanese pound fixed at 1507.5 LBP per dollar, which is an artificial peg and has been set since 1997 because of mismanment and surging foreign debt that has tanked country's actual currency value.  

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Beirut explosion

Leban's capital Beirut was rocked by an explosion on August 4, killing at least 135 people and injuring 4,000 ors. incident that took place at Beirut post resulted in government declaring a two-week state of emergency in city. An investigation into blast is being carried out, however, President Michel Aoun and Prime Minister Hassan Diab have claimed that explosion was caused by over 2,000 tonnes of ammonium nitrate, that was stored unsafely in a warehouse for six years.  

(Ims credit: AP)

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