According to BDL’s latest monetary report, the BOP recorded a deficit of $461.5M by January 2023, far exceeding the deficit over the same period last year of $353M. Accordingly, Net foreign Assets (NFAs) of BDL fell by $260.9M, as BDL has continued to make some intervention on Forex market through the “Sayrafa” rate while the NFAs of commercial banks dropped by $200.6M by January 2023.
For a meaningful analysis, we examine the NFAs of commercial banks. For the month of January, it was dominated by the decrease in foreign assets and a rise in foreign liabilities. On the liabilities side, “Non-resident financial sector liabilities” increased by $57M, to reach $4.37B, while “Non-resident customers’ deposits” fell by $54.8M, to reach $23.34B by January 2023. Meanwhile, on the asset side, “claims on non-resident financial sector” fell by $36M to reach $4.16B for the same period, and claims on non-resident customers dropped by $117M to reach $1.92B. However, other foreign assets added $27.8M to stand at $2.52B by January 2023.
Balance of Payments (BoP) by January 2023 (in $M)
Source: BDL, BLOMINVEST
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