BDL’s Foreign Reserves Dropped By $65.9M While Sayrafa Volume Reached $623M In the Second Half of March 2023

According to the balance sheet of Banque du Liban (BDL), the central bank’s total assets fell by 37.70% compared to last year, to reach $101.35B by end of March 2023, amid adopting the 15,000 LBP/USD official rate by BDL. The fall was mainly due to the 83.46% year-on-year (YOY) drop in other assets, grasping 9.95% of BDL’s total assets and reaching $10.07B by end of March 2023. Furthermore, the gold account, representing 17.98% of BDL’s total assets, increased by 2.72% yearly to reach $18.22B by end of March 2023.

BDL’s foreign assets, consisting of 14.22% of total assets dropped by 12.57% YOY and stood at $14.40B by end of March 2023, noting that BDL holds in its foreign assets $5B in Lebanese Eurobonds. On a different note, total volume of dollars on Sayrafa platform reached $623M in the second two weeks of March 2023 while BDL’s foreign assets decreased only by $65.96M during the same period.

On the liabilities front, financial sector deposits, representing 88.75% of BDL’s total liabilities, decreased by 17.99% and reached $89.94B by end of March 2023 compared to last year, of which more than two thirds are denominated in dollars. Lastly, currency in Circulation outside of BDL, consisting of 4.27% of BDL’s total liabilities, plunged by 82.23% annually to reach $4.32B by end of March 2023 amid adopting the 15,000 LBP/USD official rate by BDL.

BDL Total, Foreign assets and Currency in Circulation by end of March ($B):

BDL’s Foreign Reserves Dropped By $65.9M While Sayrafa Volume Reached $623M In the Second Half of March 2023

Source: BDL, Blominvest

This article is a research document that is owned and published by Blominvest Bank SAL.

No material from this publication may be modified, copied, reproduced, repackaged, republished, circulated, transmitted or redistributed directly or indirectly, in whole or in any part, without the prior written authorization of Blominvest Bank SAL.

The information and opinions contained in this document have been compiled from or arrived at in good faith from sources deemed reliable. Neither Blominvest Bank SAL, nor any of its subsidiaries or affiliates or parent company will make any representation or warranty to the accuracy or completeness of the information contained herein.

Neither the information nor any opinion expressed in this research article constitutes an offer or a recommendation to buy or sell any assets or securities, or to provide investment advice.

This research article is prepared for general circulation and is circulated for general information only.

Leave a Reply

Your email address will not be published. Required fields are marked *