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3. BDL Reserves at $10.526 Billion, $3.2 Billion Disbursed Through Circulars 158 and 166

In line with the Lebanese Central Bank (BDL) policy to raise withdrawal limits, and following consultations with President General Joseph Aoun, House Speaker Nabih Berri, Prime Minister Nawaf Salam and Finance Minister Yassine Jaber, BDL’s Central Council decided earlier this week to increase the ceiling under Circular No. 158 to $500 per month and under Circular No. 166 to $250 per month, effective March 1, 2025.

Sources at BDL stress that the measures taken by the bank cannot serve as a solution for depositors or deposits but rather help ease the crisis with the bank’s available resources, pending an initiative from the new government to develop a comprehensive plan for resolving the deposit issue.

For BDL, ensuring the return of depositors’ funds through legislative measures is a key priority. This issue was at the core of the recent meeting between BDL’s Acting Governor Wassim Mansouri and Prime Minister Salam, as well as Mansouri’s meeting with Minister Jaber. It was reaffirmed that BDL will cooperate with the government to formulate a plan for returning depositors’ funds, with repayment prioritized for depositors over bondholders as part of the government’s broader strategy to address the financial crisis and restore confidence in the banking sector.

BDL’s Central Council has decided to amend the previous Circulars 166 and 158, with the changes set to take effect from the beginning of March. Under the new measures, the monthly amount allocated to beneficiaries of Circular 166 will be increased to $250, up from $150. This adjustment is expected to provide between $1.2 billion and $1.6 billion annually to depositors. Additionally, BDL plans to implement similar decisions in the coming months, including further increases to withdrawal limits, after assessing the financial and monetary situation as well as the bank’s capacities, particularly following the completion of a detailed study on deposits in Lebanese banks.

Sources close to Mansouri confirm that this study will help the government in formulating its plan to repay deposits in coordination with BDL. The Central Bank has provided the government with key data and a framework to launch a comprehensive plan to resolve the deposit issue. Additionally, sources indicate that the number of beneficiaries from Circulars 158 and 166 has reached 450,000.

In addition, BDL played a key role in maintaining monetary stability during the most challenging circumstances, especially the recent war. It has successfully replenished the foreign currency reserves it spent in recent months, recovering $2 billion. As of February 20, 2025, the total foreign currency reserves of BDL reached $10.526 billion, compared to $8.573 billion in July 2023.

Mansouri believes that recent developments, including the election of a president and the formation of a new government, have instilled greater confidence in the national currency. This has led to increased demand for the Lebanese pound, which has strengthened BDL’s reserves, signaling that things are moving in the right direction. However, Mansouri notes that while monetary stability may have succeeded over the past year or year and a half, it does not lay the foundation for rebuilding the economy, which must be achieved through government reform policies and recovery plans.