Central Bank’s reserves up $1.4 billion in two weeks. Growth comes from non-resident private sector depositors - Lebanon

Central Bank’s reserves
up $1.4 billion in two weeks
Growth comes from non-resident private sector depositors
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The foreign exchange reserves of the Central Bank (BDL), excluding gold, increased by nearly $1.4 billion during the second half of August to reach $38.7 billion at the end of the month, according to Riad Salameh, Governor of BDL.

This increase is due to the influx of deposits from the non-resident private sector directly to BDL and not the result of deposits by any foreign state or any international entity, he said.

This reflects depositor confidence, strengthens the stability of the national currency, and contributes to reducing the deficit of the balance of payments, Salameh said.

BDL’s foreign exchange reserves stood at $37.2 billion by August 15, down $6.5 billion compared with a year earlier. This was partially offset by an increase of $2.9 billion in the value of BDL’s gold reserves over the same period driven by a surge in global gold prices.
Reported by Shikrallah Nakhoul
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Date Posted: Aug 30, 2019