The banking sector continued its retrenchment in 2023. It was a year where the economic and financial crisis continued un-abated with no corrective measures to arrest the decline. Below, we will discuss the banking sector’s balance sheet, BDL’s new circulars, and the main issues that the sector faced in 2023.
Overview:
As the table below shows, assets stood at $115.2B, less by 31.85% from 2022. Similarly, deposits fell to $94.75B, lower by 24.62%, with the dollarization rate at 96%. Loans declined significantly, falling by 59.12% to $8.1B, while the dollarization rate stood at 91%; as to shareholders’ equity, it declined by 72.18% to $5.1B. Note that 2022 figures were converted at the rate 1507.5 per USD while 2023 figures were converted at the new official rate of 15,000 LBP per USD, meanwhile the parallel market rate reached LBP 89,700 per USD by end of year 2023.
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Lebanese Banking Sector in 2023