| 29 May 2024, Wednesday |

Will the housing loans be paid in pounds?

Since the Minister of Finance in the caretaker government, Youssef Khalil, announced the raising of the officially approved price of the dollar from 1,507 pounds to 15,000 pounds, citizens expressed their concerns about what the new exchange rate would be, the mechanism of their dealings, and the payment of their loans and bills. The issue of fixing the exchange rate raised many questions about the fate of bank loans, and whether the latter, in turn, would be paid on the 15,000 pounds.
The Kuwait Fund decided to support the Housing Bank as part of a solution that includes other financing sources that could help in continuing to grant loans. Where happened to these efforts and are they still in place?
So, what is rumored that loans previously taken for housing will be raised according to the new exchange rate is incorrect. The loans were taken at the time in Lebanese pounds, not in US dollars, and we conclude by saying there is no reason for panic.

  • Sawt Beirut International