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Unprecedented increase: BDL boosts reserves to over $9 Billion
Press Highlights
2023-11-20 | 01:43
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Unprecedented increase: BDL boosts reserves to over $9 Billion
The Banque du Liban (BDL) has successfully increased its foreign currency reserves by over $600 million in recent weeks, with an anticipated announcement this week indicating a total exceeding $9 billion.
This surge marks the first significant increase in years, and its success lies in reducing the local currency's cash mass to its lowest level since 2022, reaching LBP 53 trillion (valued at less than $600 million).
This article was originally published in and translated from Lebanese newspaper Nidaa Al-Watan.
The measures employed include canceling the Sayrafa platform operated by former governor Riad Salameh, targeting major currency traders, and directing them to deal with the BDL exclusively. Notably, controlling the cash mass in Lebanese lira ensures regular and moderate payments to contractors, hospitals, service providers, and payments to ministries. These non-excessive payments are relatively equivalent to what the state collects monthly.
This led to stabilizing liquidity and increasing reserves in the BDL by purchasing available dollars from the market in exchange for the availability of smaller quantities of lira.
Additionally, the BDL utilizes additional monetary tools, such as interest rates on the Lebanese lira, to manage liquidity. The reserve is further bolstered by certain state revenues in dollars.
Simultaneously, the BDL has expanded the beneficiaries of Circular 158, enabling tens of thousands of additional depositors to conduct transactions based on the mentioned circular. These were accounts previously classified as ineligible during Riad Salameh's tenure, and they can now withdraw from their deposits after a four-year struggle.
It is worth noting that this move will increase the number of Circular 158 beneficiaries by 10%, with larger banks cooperating with smaller banks that resist collaboration, creating a harmonious financial environment.
Moreover, the BDL is reportedly working with banks to introduce unified banking budgets at a speculated exchange rate of LBP 90,000, starting in early 2024. This marks the potential end of the era of the "lollar."
However, the increase in deposit withdrawals is contingent on the awaited final solution through legislation in the parliament, distributing responsibilities between banks and the government, and scheduling approved amounts over several years.
Before this, the parliament must pass the "Capital Control" bill, as control over withdrawal limits, transfers, and the balance of payments is essential for the success of unified exchange rates. The parliament must also approve financial regularization laws and bank restructuring. The government has reportedly completed the "restructuring" project, pending approval in an upcoming cabinet session before being transferred to parliament.
Regarding the evaluation of bank conditions, sources from the Banking Control Commission affirm its presence, urging the parliament to request it without relying on the promised international assessment that may not materialize, as procrastination would intentionally delay solutions at the expense of depositors and as a favor to bankers.
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