Part of the issued CDs had a five-year term with a rate of 7.3 percent. The issue also included two tranches of seven-year CDs, one with an eight percent rate, and another with a varying rate of 6.5 percent.

Economists welcomed the Central Bank’s move which came after the government suspended selling Treasury Bills (T-Bills) dominated in LL for one month in March.

The CD issue attracted a high interest from local banks that are looking for ways to invest their liquidity surplus.

François Bassil, former president of the Association of Banks (ABL) said that issue is “appropriate for banks that want to invest their liquidity.” Bassil said that “demand for shares was higher than the ceiling of the issue.”

Total liquidity of banks currently stands at $15 million, Central Bank Governor, Riad Salameh, said earlier.