According to BDL statistics, the average interest rate on Lebanese Pound denominated deposits widened to 1.00% during the third month of 2024, up from 0.94% in the previous month and 0.63% in March 2023. Conversely, the average interest rate on U.S. Dollar denominated deposits dropped on a monthly basis to 0.02% in March 2024 (0.04% in February), remaining below the 0.07% level reported in the same month in 2023. Commercial banks’ discount and lending rate on LBP denominated loans came in higher at 2.98% in March 2024 (2.47% in February), while that on USD denominated loans decreased to 1.85% (2.55% in February). Consequently, the average monthly spread between LBP lending and deposit rates attained 202 basis points by the end of the first quarter of 2024 (204 bps YTD February), with that between USD lending and deposit rates reaching 210 bps (224 bps YTD February).