According to the balance sheet of Banque du Liban (BDL), the central bank’s total assets fell by 41.07% compared to last year, to reach $105.09B by end of September 2023. The fall was mainly due to the 91.36% year-on-year (YOY) drop in other assets, grasping 6.72% of BDL’s total assets and reaching $7.06B by end of September 2023. Furthermore, the gold account, representing 16.42% of BDL’s total assets, increased by 11.94% yearly to reach $17.26B by end of September 2023.
BDL’s foreign assets, consisting of 13.29% of total assets dropped by 6.27% YOY and stood at $13.97B by end of September 2023 of which liquid foreign reserve assets totaled $8.751 B ($8.573 B as of 31/07/2023), noting that BDL holds in its foreign assets $5.2B in Lebanese Eurobonds. In parallel, interestingly, other liabilities plunged by 74.06% year over year to stand at $1.17B by end of September 2023.
On the liabilities front, financial sector deposits, representing 84.71% of BDL’s total liabilities, decreased by 17.89% and reached $89.03B by end of September 2023 compared to last year, of which more than 90% are denominated in dollars. Lastly, currency in Circulation outside of BDL, consisting of 3.86% of BDL’s total liabilities, plunged by 89.63% annually to reach $4.05B by end of September 2023 amid adopting the 15,000 LBP/USD official rates by BDL.
Interesting to note, a statement issued on 30/9/2023 by Acting BDL Governor, Dr Wassim Mansouri, claimed that BDL liquid FX reserve assets stood at $8.414B at end September 2023, down from $8.498B declared previously in August 2023, with current accounts stood at $3.198B and time accounts reached $3.451B. Meanwhile, financial securities dropped by 2.1% to $235M by end of September 2023. Furthermore, BDL stated that the Eurobonds at market value were $434M in September 2023, up from $413M in August 2023.
On the other side, the statement showed that liquid FX reserve liabilities were $1.3B by September 2023 up from to $1.279B by August 2023. Indeed, SDR balance available for use stood at $76M, while Banks’ deposits in fresh dollar reached $13M and the public sector deposits in fresh dollar stood at $351M by end of September 2023.
BDL Total, Foreign assets and Currency in Circulation by end of September 2023 ($B):
Source: BDL, Blominvest
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