Figures issued by Banque du Liban (BdL) about the distribution of bank deposits at commercial banks in Lebanon show that aggregate deposits, which include demand deposits and term deposits, stood at LBP8,209.7 trillion (tn) at the end of 2024, or the equivalent of $91.7bn, compared to LBP8,305.7tn ($92.8bn) at end-September 2024 and to LBP8,437.8tn ($94.3bn) at end-June 2024. Total deposits include private sector deposits that reached LBP7,933.8tn, deposits of non-resident financial institutions that amounted to LBP224.3tn, and public sector deposits that stood at LBP51.6tn at the end of 2024. The figures reflect BdL's Basic Circular 167/13612 dated February 2, 2024 that asked banks and financial institutions to convert their assets and liabilities in foreign currencies to Lebanese pounds at the exchange rate of LBP89,500 per US dollar when preparing their financial positions starting on January 31, 2024.  Term deposits in all currencies reached LBP4,421.7tn and accounted for 54% of total deposits in Lebanese pounds and in foreign currency at the end of December 2024, relative to 54.3% at the end of September 2024. Further, the term deposits in Lebanese pounds of the public sector dropped by 76.7% from the end of 2024, followed by a decrease of 11.4% in the term deposits of the non-resident financial sector, a contraction of 1.7% in foreign currency-denominated term deposits of the resident private sector, and a downturn of 1.6 % in the term deposits of non-residents. This was offset by an increase of 25.2% in the term deposits in Lebanese pounds of the resident private sector and an uptick of 2.4% in the foreign currency-denominated term deposits of the public sector from the end of 2024. Aggregate term deposits declined by $117.1bn since the end of September 2019, based on the new exchange rate, due to the migration of funds from term to demand deposits and to cash withdrawals, amid the confidence crisis that started in September 2019.  In addition, the foreign currency-denominated term deposits of the resident private sector reached $35.3bn and accounted for 38.5% of aggregate deposits at the end of 2024, relative to 39% at end-September 2024. Term deposits of non-residents followed with $12.3bn or 13.4% of the total, then the term deposits of the non-resident financial sector with $1.39bn (1.5%), term deposits in Lebanese pounds of the resident private sector with LBP26.06tn (0.3%), term deposits of the public sector in foreign currency with $149.8m (0.2%), and term deposits of the public sector in Lebanese pounds with LBP1.4tn (0.02%).  In parallel, demand deposits in all currencies at commercial banks stood at LBP3,788tn at the end of December 2024 compared to LBP3,795.1tn at end-September 2024. They accounted for 46% of aggregate deposits at end-2024 compared to 45.7% at end-September 2024. Foreign currency-denominated demand deposits of the resident private sector declined by $190.6m from end-2024, followed by a decrease of $61m in demand deposits in foreign currency of the public sector, a downturn of $34.1m in demand deposits of non-residents, and a retreat of LBP757.8m in demand deposits in Lebanese pounds of the public sector. This was partly offset by an increase of $120.7m in demand deposits of the non-resident financial sector and a rise of LBP2,267.4bn in demand deposits in Lebanese pounds of the resident private sector.  Also, demand deposits in foreign currency of the resident private sector totaled $31.7bn and represented 34.6% of deposits at end-2024 relative to 34.4% at end-September 2024. Demand deposits of non-residents followed with $8.63bn (9.4%), then demand deposits of the non-resident financial sector with $1.2bn (1.2%), demand deposits in Lebanese pounds of the resident private sector with LBP 39.1tn (0.5%), demand deposits in foreign currency of the public sector with $330m (0.4%), and demand deposits in Lebanese pounds of the public sector with LBP7.2tn (0.1%).   (ICE BEIRUT)

Fonte notizia: Byblos Bank, February 24 -March 1, 2025