Record $2.3 billion surplus
in the Balance of Payments

First semester of 2025 shows better liquidity

The Central Bank (BDL) reported a real balance of payments (BoP) surplus of $2.3 billion in the first half of 2025, reflecting excess inflows over outflows.

According to BDL’s mid-year figures, the nominal BoP surplus stood at $8.5 billion, largely inflated by rising gold prices, which accounted for $6.2 billion of the increase. Adjusted for gold revaluation, the real surplus narrowed to $2.3 billion.

Bank Liquidity Abroad Improves
The banking sector saw a rise in foreign currency liquidity abroad, which climbed by $600 million in the first six months to $5.3 billion in June 2025. When including an estimated $700 million in cash vaults held domestically and a $1.2 billion non-resident securities portfolio, total fresh foreign currency (FX) liquidity reached $7.2 billion.

Deposits and Loans
Total fresh FX deposits rose by $852 million to $4 billion. An estimated $825 million settlement of legacy ‘lollar’ deposits was settled during the period. ‘Lollar’ deposits are now valued at $84 billion.

Lira (LL) deposits grew by LL10 trillion to LL78 trillion (equivalent to $871 million) in June 2025. This coincided with LL11 trillion in money creation by the Central Bank, as well as dollar-to-lira conversions.

The loan portfolio contracted by $180 million, as repayments of legacy lollar loans outpaced new fresh dollar lending initiatives by some banks.

Stability, But Fragile Base
BDL described the situation as showing “relative stability in free liquidity,” with the system managing to preserve a slim buffer despite operating losses and continued outflows of fresh dollar payments under Circular 158 and Circular 166. However, the overall picture underscores ongoing strain with liquidity buffers remaining thin.