©Circular 151
According to the financial statement from the Lebanese Central Bank (BDL), the total assets of BDL decreased by 8.27% over the course of a year, reaching $93.48 billion by mid-April 2024, following the adoption of the official exchange rate of 89,500 Lebanese pounds per dollar since early February 2024.
The decrease is mainly due to a 98.9% decline over one year in other assets, which amounted to $116.11 million as of mid-April 2024, compared to $10.587 billion on April 15, 2023.
It is important to note that, based on the decision of the BDL's Central Council on 20/12/2023, all its previous decisions related to seignoriage have been suspended, and all deferred interest costs from open market operations have been recorded under a new item.
Therefore, all deferred interest charges included in other assets and assets from foreign exchange operations totaling 118.97 billion pounds as of 31/12/2023 have been transferred to "Deferred Open Market Operations."
Moreover, the BDL's gold reserves, representing 23.18% of its total assets, increased by 15.87% over the year to reach $21.67 billion by mid-April 2024, driven by the surge in international gold prices.
In addition, BDL's foreign assets, accounting for 15.89% of the total assets, increased by 2.48% year-on-year, amounting to $14.86 billion by mid-April 2024. They increased by $43.77 million during the first two weeks of April 2024. Additionally, the BDL holds $5 billion in treasury bonds among its foreign assets.
On the liabilities side of the BDL's financial statement, financial sector deposits, which constitute 93.1% of the total liabilities, decreased by 3.4% to $87.02 billion by mid-April 2024 compared to the previous year, with over 90% denominated in dollars.
Furthermore, public sector deposits, which represent 4.81% of the BDL's total liabilities, decreased by 19.87% annually, reaching $4.5 billion by mid-April 2024. Finally, currency in circulation outside the BDL, constituting 0.74% of BDL's total liabilities, plummeted by 84.32% annually to reach $695 million by mid-April 2024, following the adoption of the official exchange rate of 89,500 Lebanese pounds per dollar.
The decrease is mainly due to a 98.9% decline over one year in other assets, which amounted to $116.11 million as of mid-April 2024, compared to $10.587 billion on April 15, 2023.
It is important to note that, based on the decision of the BDL's Central Council on 20/12/2023, all its previous decisions related to seignoriage have been suspended, and all deferred interest costs from open market operations have been recorded under a new item.
Therefore, all deferred interest charges included in other assets and assets from foreign exchange operations totaling 118.97 billion pounds as of 31/12/2023 have been transferred to "Deferred Open Market Operations."
Moreover, the BDL's gold reserves, representing 23.18% of its total assets, increased by 15.87% over the year to reach $21.67 billion by mid-April 2024, driven by the surge in international gold prices.
In addition, BDL's foreign assets, accounting for 15.89% of the total assets, increased by 2.48% year-on-year, amounting to $14.86 billion by mid-April 2024. They increased by $43.77 million during the first two weeks of April 2024. Additionally, the BDL holds $5 billion in treasury bonds among its foreign assets.
On the liabilities side of the BDL's financial statement, financial sector deposits, which constitute 93.1% of the total liabilities, decreased by 3.4% to $87.02 billion by mid-April 2024 compared to the previous year, with over 90% denominated in dollars.
Furthermore, public sector deposits, which represent 4.81% of the BDL's total liabilities, decreased by 19.87% annually, reaching $4.5 billion by mid-April 2024. Finally, currency in circulation outside the BDL, constituting 0.74% of BDL's total liabilities, plummeted by 84.32% annually to reach $695 million by mid-April 2024, following the adoption of the official exchange rate of 89,500 Lebanese pounds per dollar.
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