The Lebanese Central Bank’s balance sheet conveys some $59.64 million (0.38%) expansion in BDL’s foreign assets portfolio during the second half of September 2024 to $15.85 billion (LBP 1,418.65 trillion). The liquid foreign reserve assets of the Central Bank, when factoring out the face value of the ROL Eurobonds portfolio held by BDL amounting to circa $5.19 billion, stood at $10.67 billion as at end of September 2024, up from $10.60 billion a fortnight earlier. It is worth noting that BDL’s liquid foreign reserves saw a sharp $2.06 billion increase between the beginning of August 2023 – end of September 2024 period as a result of the new monetary policy of the Central Bank to refrain from lending the government. Similarly, the value of gold reserves at BDL increased by 3.20% ($759.46 million) in the second half of September to $24.46 billion (LBP 2,189.37 trillion) as gold prices increased following a 50 basis points interest rate cut by the US Federal Reserve along with the global geopolitical tensions.

On an annual basis, BDL’s foreign assets came in 13.50% ($1.89 billion) higher than the $13.97 billion reading reported at end of September 2023. Similarly, the value of gold reserves settled 41.72% ($7.20 billion) higher when benchmarked to the $17.26 billion figure recorded in the same period in 2023.

In a related note, BDL’s balance sheet remained almost flat on a bi-weekly basis at LBP 8,485.05 trillion as at end of September 2024. This owes to the 2.45% decrease in the valuation adjustment account to LBP 3,066.09 trillion which almost offset the 3.20% rise in in the value of gold reserves, the 0.38% increase in the value of foreign assets, the 1.71% expansion in the deferred open-market operations (which includes deferred interest costs stemming from open-market operations) account to LBP 164.79 trillion and the 5.17% rise in the value of other assets to LBP 19.32 trillion. 

The share of BDL’s foreign assets and gold reserves stood at 16.72% and 25.80% respectively of the latter’s total balance sheet as at end of September 2024, compared to 16.66% and 25.00% two weeks earlier.