2023-04-23 11:50:09
Despite the open intervention through a banking platform, as well as the payment of emergency state payments in dollars, the Banque du Liban budget issued in the first half of April showed an increase in the net reserves in foreign currencies at the Banque du Liban, amounting to $88 million.
The assets of the Banque du Liban in foreign currencies amounted to regarding 14.5 billion US dollars, of which 5 billion dollars are Eurobonds held by the Banque du Liban, and therefore the “net” reserves in foreign currencies, without gold, and following deducting the Eurobonds amounted to regarding 9.5 billion US dollars, i.e. an increase About $88 million since the beginning of April.
The rise in foreign currency reserves at the Banque du Liban came despite its open intervention on an exchange platform and despite paying the salaries of the public sector, military personnel and retirees in US dollars at the exchange rate of 60 thousand pounds, in addition to paying emergency dues to the Lebanese state in US dollars, in addition to paying half of what is paid in dollars. For depositors benefiting from Circular No. 158 (regarding 180,000 depositors). Consequently, these figures clearly prove that the Bank of Lebanon’s intervention on a banking platform and its payment of public sector payments was not from the reserve, as some claim, as the net reserve increased by 88 million US dollars despite the exceptional circumstances and the absence of any political solution or serious reform measures.
This increase in the reserves came in conjunction with the success of the Banque du Liban’s move to stabilize the exchange rate of the dollar at 97,000 pounds a while ago. The Banque du Liban will continue to do so, according to informed sources, and will not stop taking whatever measures possible to maintain relative stability in the exchange rate. However, the political solution and the election of a president who enjoys the confidence and support of the Lebanese and the international and Arab community remains the main key to securing sustainable stability.
On the other hand, cash in circulation increased by regarding 105 thousand billion, or only regarding 2%, in the first half of this April, and among the positives also is the increase in the value of the Banque du Liban’s gold assets by regarding 50 million US dollars in the first half of April compared to the end of March, and the value of gold amounted to regarding 18.7 billion US dollars.
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