Fresh USD Checks Reached 76,180 Checks Valued at $960.7M by July 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 35.36% year over year (YoY) to 42,264 checks by July 2026. However, the cumulative value of cleared checks in local currency increased by 7.31% YoY to LBP 37,157B by July 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 38.08% YoY to $265M by July 2026.
Moreover, the volumes of cleared checks in Lebanese Pounds and foreign currencies witnessed substantial yearly drop of 34.76% and 47.09% respectively to settle at 40,590 and 1,674 checks, by July 2026. Accordingly, the dollarization rate of checks in terms of volume fell from 4.84% in July 2025 to 3.96% in July 2026.
Notably, the number of returned checks dropped significantly by 42.78% YoY to stand at 206 checks by July 2026. Moreover, the value of returned checks in local currency increased drastically YoY by 78.61% to reach LBP 309B, while checks in foreign currency decreased remarkably YoY by 86.22% to record $12.15M by July 2026.
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 July 2026, the cumulative number of checks issued from fresh accounts reached 104,438, of which 76,180 checks were in USD currency, amounting to $960.7M; and 28,258 checks were in LBP currency amounting to LBP 41,719B. On a monthly basis, the number of cleared fresh checks in July 2026 was 19,566 checks.
Cleared Checks by July 2026 (in 000s)
Source: ABL, BLOM Invest m
