According to BDL statistics, interest rates fell significantly during the month of July in the light of BDL circular no. 536 dated December 4, 2019 that placed caps on interest rates paid on USD deposits at 5% and on LBP deposits at 8.5% and the subsequent intermediate circular no. 544 dated February 13, 2020 which lowered the ceilings paid on new or renewed local and foreign currency denominated deposits to much lower levels. In figures, the weighted average interest rate on Lebanese Pound denominated deposits dropped to 3.76% during the month of July, from 4.16% in the previous month and 8.80% a year earlier. In the same vein, the weighted average interest rate on U.S. Dollar denominated deposits dropped to 1.49% in July 2020, down from 1.64% in June and 6.01% in July 2019. Commercial banks’ discount and lending rate on LBP denominated loans came in higher at 7.15% in July 2020, with that on USD denominated loans dropping to 7.42%. Consequently, the average monthly spread between LBP lending and deposit rates stood at 359 basis points in July 2020, while that between USD lending and deposit rates reached 588 bps.