The value of private sector deposits until the end of February!

“Akhbar Al-Youm” agency reported:

The combined balance sheet figures for commercial banks operating in Lebanon indicate that the total assets of these banks amounted to 9,319.4 trillion Lebanese pounds, or the equivalent of 104.1 billion US dollars, at the end of February 2024. Loans to the private sector amounted to 643.2 trillion Lebanese pounds at the end of February 2024, where loans amounted to For the resident private sector, 559.5 trillion Lebanese pounds, while the total loans to the non-resident private sector amounted to 83.7 trillion Lebanese pounds at the end of February 2024.

Loans to the private sector in Lebanese pounds amounted to 10.6 trillion Lebanese pounds, which represents a decrease of 7.3% from 11.4 trillion Lebanese pounds at the end of the year 2023 and a decrease of 35.4% from 16.3 trillion Lebanese pounds at the end of February 2023. While loans to the private sector in foreign currency amounted to 7.07 billion US dollars at the end of February 2024, which represents a decrease of 6.5% from 7.56 billion Lebanese pounds at the end of 2023, and a decrease of 25.6% from 9.5 billion Lebanese pounds at the end of February 2023. These figures are based on the circular. Basic No. 167/13612 dated February 2, 2024 issued by the Bank of Lebanon, according to which banks and financial institutions were required to convert cash assets and liabilities accounts in foreign currency into Lebanese pounds on the basis of the exchange rate of 89,500 Lebanese pounds per US dollar when preparing their financial positions, starting from January 31. 2024.

In nominal terms, loans to the private sector in Lebanese pounds decreased by 827.9 billion Lebanese pounds in the first two months of 2024 and by 5,784.7 billion Lebanese pounds in the first two months of 2023, while loans to the private sector in foreign currency declined by 492.9 million dollars in the first two months of 2023. The year 2024, compared to a decrease of $2.4 billion from the end of February 2023. Loans to the private sector in Lebanese pounds also decreased by 17 trillion Lebanese pounds (-61.7%), and loans to the private sector in foreign currency decreased by $34 billion (-82.8%) since the beginning of the year. 2019. The dollarization rate in loans to the private sector changed from 89.7% at the end of February 2023 to 98.4% at the end of February 2024, due to the new official exchange rate of 89,500 Lebanese pounds to the dollar, which entered into force on January 31, 2024. The rate of The interest on credit in Lebanese pounds was 2.47% in February 2024 compared to 4.75% in February 2023, while the same rate in US dollars reached 2.55% compared to 5.17 in February 2023.

In addition, loans to non-resident financial institutions amounted to $4.37 billion at the end of February 2024, a decrease of $90.2 million (-2%) from the end of 2023 and an increase of $242.4 million (+8%) from the end of February 2023. A value of $4.76 billion (-52.2%) from the end of August 2019 and a value of $7.62 billion (-63.5%) since the beginning of the year 2019. Commercial banks’ deposits in foreign central banks also amounted to $749.4 million at the end of February 2024, an increase of $12.3 million ( +1.7%) in the first two months of 2024 and a decrease of $72.4 million (-8.8%) from the end of February 2023. Also, total credits to the public sector amounted to 209 trillion Lebanese pounds at the end of February 2024 based on the new official exchange rate, almost below Change from the end of January 2024. The total treasury bonds held by banks amounted to 11.06 trillion Lebanese pounds, while their total Lebanese Eurobonds amounted to $2.19 billion at the end of February 2024, compared to $2.8 billion in the same period last year. Moreover, the total deposits of commercial banks in the Bank of Lebanon amounted to 7,263.1 trillion Lebanese pounds at the end of February 2024, or the equivalent of $81.15 billion based on the new official exchange rate of the US dollar.

In contrast, total private sector deposits amounted to 8,139.8 trillion Lebanese pounds at the end of February 2024, or $90.9 billion at the new official exchange rate. Deposits in Lebanese pounds amounted to the equivalent of 51.7 trillion Lebanese pounds at the end of February 2024, a decrease of 0.7% from the end of 2023 and an increase of 14.7% from the same period of the previous year. While deposits in foreign currencies amounted to $90.4 billion, a decrease of 1% during the first two months of the year 2024 and by 4.5% from the end of February 2023. Resident deposits represented 77% and non-resident deposits represented 23% of the total deposits at the end of February 2024.

Private sector deposits in Lebanese pounds decreased by 387.6 billion Lebanese pounds while foreign currency deposits decreased by 909.8 million dollars during the first two months of 2024. Moreover, total private sector deposits in Lebanese pounds decreased by 25.5 trillion Lebanese pounds (-33.1%) and decreased Private sector deposits in foreign currency amounted to $32.7 billion (-26.6%) since the beginning of 2019. The dollarization rate for private sector deposits also changed from 96.9% at the end of February 2023 to 99.4% at the end of February 2024 as a result of the impact of the new official exchange rate on the component of the Lebanese pound. On the balance sheet.

In addition, deposits of non-resident financial institutions amounted to $2.73 billion at the end of February 2024, a decrease of 5.4% from $2.9 billion at the end of 2023. Also, the average interest rate on deposits in Lebanese pounds was .94% in February 2024 compared to by 0.71% in February 2023, while the same rate on deposits in US dollars was 0.04% compared to 0.09% in February 2023. The total capital of commercial banks reached 284.3 trillion Lebanese pounds at the end of February 2024 compared to 76.4 trillion Lebanese pounds at the end of the year 2023. And 74.2 trillion Lebanese pounds at the end of February 2023. In US dollars, the total capital of commercial banks amounted to 3.18 billion US dollars at the end of February 2024, compared to 5.1 billion US dollars at the end of the year 2023 and 4.95 billion US dollars at the end of February 2023. .

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