Fresh USD Checks Reached 28,271 Checks Valued at $365M by March 2026
According to the data published by the Association of Lebanese Banks’ (ABL), the total number of cleared checks in the Lebanese financial system decreased remarkably by 37.83% year over year (YoY) to 17,680 checks by March 2026. However, the cumulative value of cleared checks in local currency increased by 8.04% YoY to LBP 16,599B by March 2026. This upsurge in value of Lebanese checks given that the Fresh USD Checks Reached 28,271 Checks Valued at $365M by March 2026
According to the data published by the Association of Lebanese Banks’ (ABL), the total number of cleared checks in the Lebanese financial system decreased remarkably by 37.83% year over year (YoY) to 17,680 checks by March 2026. However, the cumulative value of cleared checks in local currency increased by 8.04% YoY to LBP 16,599B by March 2026. This upsurge in value of Lebanese checks given that the number of Lebanese checks issued decreased reflects higher denomination in LBP per check due to the exchange rate depreciation. However, the cumulative value of cleared checks in foreign currency dropped by 69.41%YoY to $78M by March 2026.
Moreover, the volumes of cleared checks in Lebanese Pounds and foreign currencies witnessed substantial yearly drop of 36.67% and 57.06% respectively to settle at 16,980 and 700 checks, by March 2026. Accordingly, the dollarization rate of checks in terms of volume fell from 5.73% in March 2025 to 3.96% in March 2026.
Notably, the number of returned checks dropped significantly by 48.68% YoY to stand at 97 checks by March 2026. Moreover, the value of returned checks in local & foreign currency decreased drastically YoY respectively by 80.46% and 98.80% by March 2026 to record LBP 17B and $ 0.78M.
Banque du Liban (BDL) issued Circular 165, which permits depositors to make payments by check starting June 1st, 2023, as long as their accounts are in either fresh US dollars or Lebanese lira. To support this initiative, BDL has introduced a new clearing system, distinct from the one dedicated to pre-crisis deposits. This circular serves a dual purpose: it encourages customers to open new accounts in both Lebanese pounds and US dollars, while also aiming to decrease the country’s dependence on cash and stimulate economic recovery. As such, by March 2026, the cumulative number of checks issued from fresh accounts reached 37,946, of which 28,271 checks were in USD currency, amounting to $3654M; and 9,675 checks were in LBP currency amounting to LBP 15,216B. On a monthly basis, the number of cleared Fresh checks in March 2026 was 11,685 checks.
Cleared Checks by March 2026 (in 000s)
