According to BDL statistics, interest rate levels sustained their downturn during the month of January 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 2.31% during the month of January, from 2.64% in the previous month and 6.62% a year earlier. In the same vein, the weighted average interest rate on U.S. Dollar denominated deposits fell to 0.58% in January 2021, down from 0.94% in December and 4.00% in January 2020. Commercial banks’ discount and lending rate on LBP denominated loans, however, came in higher at 8.53% in January 2021, while that on USD denominated loans dropped to 6.52%. Consequently, the average monthly spread between LBP lending and deposit rates stood at 622 basis points in January 2021, while that between USD lending and deposit rates reached 594 bps.