BDL’s Foreign Reserve Assets Stand at $11.75B after a $77.21M Decrease in the Last Two Weeks of September 2025

According to Banque du Liban’s (BDL) balance sheet, the Central Bank’s total assets decreased by 0.29% Year-on-Year (YoY), reaching $94.53B by end-September 2025.

Furthermore, the gold account, representing 37.21% of BDL’s total assets, increased by 43.78% yearly to reach $35.2B by end-September 2025. Regarding foreign assets item, recently BDL amended it and replaced it by foreign reserve assets item to include only non-resident and liquid foreign assets. Thus, other resident and / or illiquid assets were transferred to securities portfolio or loans to local financial sector. In more details, Lebanese Government Eurobonds with a nominal value of $4.85B were transferred to securities portfolio; whereas $298.8M was transferred to loans to financial sector. Therefore, and in order to calculate the YoY change of foreign reserve assets, we deducted the Lebanese Eurobonds from foreign assets as of August 15th, 2024 in addition to the loans to local financial sector. As such, BDL foreign reserve assets, consisting of 12.43% of total assets (after transferring the Eurobonds to securities portfolio and the other resident and / or illiquid assets to loans to financial sector) rose by 9.85% YoY and stood at $11.75 B by end-September 2025. Additionally, foreign reserve assets decreased by $77.21M in the last two weeks of September 2025.

On the liabilities front, financial sector deposits, representing 89.23% of BDL’s total liabilities, decreased by 2.82% annually and reached $84.35B by end-September 2025 compared to last year, of which more than 90% are denominated in dollars. Moreover, public sector deposits, representing 8.50% of BDL’s total liabilities, rose by 34.55% yearly and reached $8.04B by end-September 2025. Lastly, currency in circulation outside of BDL, consisting of 0.88% of BDL’s total liabilities, rose by 39.46% annually to reach $833.04M by end-September 2025.

BDL Total Assets, Foreign Reserve Assets and Currency in Circulation by End-September ($B):

^{Source: BDL, BLOMINVEST}

N.B.: The foreign assets figures of 2024 and 2025 in the above graph are net of Lebanese Eurobonds.