Appendix I Exchange and Trade System
This section summarizes Lebanon's exchange and trade system as of May 31,1994.
Exchange Arrangements
The currency of Lebanon is the Lebanese pound. The authorities do not maintain margins in respect of foreign exchange transactions, and exchange rates are determined on the basis of demand and supply conditions in the exchange market. However, the authorities may announce buying or selling rates for certain currencies and intervene when necessary in order to maintain orderly conditions in the foreign exchange market. On May 31, 1994, the rate for the U.S. dollar was LL 1,684 per US$1. There are no taxes or subsidies on purchases or sales of foreign exchange. The duties and taxes on imported goods and services invoiced or expressed in foreign currencies are calculated at a conversion rate of LL 800 per US$ 1. Banks are allowed to engage in spot transactions in any currency but are prohibited from engaging in forward transactions exceeding LL 500,000 unless the transactions are related to foreign trade. Lebanon formally accepted the obligations of Article VIII, Sections 2, 3, and 4 of the Fund's Articles of Agreement effective July 1, 1993.
Prescription of Currency
No restrictions are imposed on exchange payments abroad or on receipts in Lebanon.
Imports and Import Payments
Imports of a few goods (mainly arms and ammunition, narcotics, and similar products) are either prohibited or reserved for the Government. All imports from Israel and South Africa are prohibited. Imports prohibited year-round include citrus fruits, apples, olives (excluding olives in cans weighing less than 2 kilograms), olive oil, and peanuts; imports prohibited during a specified period of the year include squash, eggplant, green beans, watermelons, peas, peaches, and apricots. Imports of certain other agricultural products and all seeds require a license. Import licenses are also required for certain finished goods, sanitary ceramic wares, insulated electric and telephone wires, and copper cables. All other commodities may be imported without a license. Foreign exchange to pay for imports may be obtained freely.
Before issuing letters of credit, banks are obliged to ensure that importers possess a valid import license, if required. Importers must place with their banks a prior deposit in a local currency amount equivalent to 15 percent of the value of import letters of credit; the banks are not required to deposit such amounts with the Bank of Lebanon.
A municipality tax of 3.5 percent is levied on the value of all goods imported, except those originating in an Arab country. A stamp tax is levied on all imports, except gold and bank notes, at the rate of LL 3 per LL 1,000 of the value of goods. The tariff regime is based on the Brussels Tariff Nomenclature. Ad valorem duty rates on most products range from 18 percent to 90 percent and are applied on a most-favored-nation basis, except for certain imports from member countries of the European Union (EU) and Arab countries, which are accorded a preferential rate. A few products are subject to a specific duty. A surcharge of 10 percent of the applicable import duty is levied on certain textiles and garments. Surcharges are also levied on motor vehicles, imitation jewelry, watches, and alcoholic beverages. The surcharge on motor vehicles is levied at the following rates: 35 percent on vehicles valued at LL 10 million or less and 60 percent on vehicles valued at more than LL 10 million. The rate of surcharge on watches and imitation jewelry is 7 percent. The following rates of surcharge apply to alcoholic beverages: beer, LL 140 per 100 liters; champagne, 60 percent of the value; wine and arak, 20 percent of the value; and whiskey, 30 percent of the value. An additional construction tax of 11 percent, a municipality tax, and an internal tax ranging from LL 2.5 to LL 9.5 a liter are also imposed on champagne, wine, liqueurs, and whiskey. A tax of 60 percent is imposed on other beverages.
Payments for Invisibles
There are no restrictions on payments for invisibles. Foreign exchange may be obtained in the free market.
Exports and Export Proceeds
Exports of certain goods (mainly arms and ammunition, narcotics, and similar products) to any destination and all exports to Israel and South Africa are prohibited. Exports of wheat and wheat derivatives to any country and all exports to the Democratic People's Republic of Korea require a license. Foreign exchange receipts from exports may be retained, used, or sold in the free market.
Proceeds from Invisibles
Foreign exchange receipts from invisibles may be retained, used, or sold in the free market.
Capital
There are no limitations on capital payments or receipts. Foreign exchange may be obtained or sold in the free market. Banks are prohibited from extending to nonresidents loans in Lebanese pounds and loans secured by guarantees from nonresident banks unless the transactions are for commercial or investment purposes in Lebanon. Banks are prohibited from receiving deposits, and from opening accounts in Lebanese pounds, for nonresident banks and Financial institutions. Bank credit in Lebanese pounds to residents for the purchase of foreign exchange for purposes other than foreign trade transactions is subject to a special reserve requirement; the required reserve amounts to 40 percent of Lebanese pound loans that give rise directly to foreign currency deposits, and 15 percent of foreign currency deposits directly arising from Lebanese pound loans to depositors. Banks are authorized to maintain long or short net foreign currency positions up to 5 percent of the total core capital. In addition to the above, banks are authorized to maintain short positions not exceeding 60 percent of the same core capital that is paid up in Lebanese pounds. The amounts of investments in foreign currencies in nonresident banks and financial institutions are not included in net foreign currency positions. Investments in nonresident banks and other foreign institutions are exempt from the net foreign currency positions. Under a “free zone” banking facility, the commercial banks are exempt from reserve requirements and fees for deposit insurance on nonresidents' foreign currency deposits. Also, nonresidents are exempt from the 10 percent tax on interest earnings from foreign currency deposits.
Under the National Investment Insurance Scheme, new foreign investments are insured against losses arising from noncivil risks, including war. Compensation is paid on losses that are more than 10 percent of the insured value.
Gold
Residents may freely hold gold in any form at home or abroad and may freely negotiate gold in any form with residents and nonresidents, at home or abroad. The importation and exportation of gold in any form are freely permitted and do not require a license but must be officially recorded. The importation, exportation, and domestic sale of foreign gold coins must be covered by a certificate, issued by the Office for the Protection of the Consumer, that indicates the gold content and weight.
Appendix II Statistical Tables
Selected Social, Economic, and Financial Indicators
Based on 1993 unless otherwise stated (IBRD Social indicators of Development 1993).
Includes capital (reconstruction) expenditures for CDR
Includes SOLIDERE escrow deposits with BDL
GDP data are estimated on the basis of fragmentary information.
IBRD data: “Country Strategy Note” dated July 12, 1993.
Data currently being revised by the authorities.
Selected Social, Economic, and Financial Indicators
| Social and demographic indicators1 | ||||||
| Area (sq. km.) | 10,400 | |||||
| Population (thousands) | 2,900 (est.) | |||||
| Population, rate of growth (percent) | 2.0 | |||||
| Population density (1988, per sq. km.) | 258 | |||||
| Population density (1988, per sq. km. of arable land) | 863 | |||||
| Labor force (thousands) | 941.0 | |||||
| Life expectancy at birth | 66.0 | |||||
| Infant mortality (aged under 1 year, percent) | 4.6 | |||||
| Child death rate (aged 1—4 years, percent) | 5.9 | |||||
| Population per physician | 537 | |||||
| Population per hospital bed | 200 | |||||
| Per capita calorie intake (per day) | 3.247 | |||||
| Per capita protein intake (grams per day) | 86 | |||||
| Percent of private income received by: | ||||||
| Highest quintile | 55 | |||||
| Lowest quintile | 4 | |||||
| Energy consumption per capita (Kg of oil equivalents) | 968 | |||||
| Access to safe water (percent of rural population) | 77 | |||||
| Est. | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1989 | 1990 | 1991 | 1992 | 1993 | ||||
| (Annual percent change) | ||||||||
| Economic and financial indicators | ||||||||
| National income and prices | ||||||||
| Real GDP | -42.2 | -13.4 | 38.2 | 4.5 | 7.0 | |||
| Consumer prices (period average) | 72.2 | 68.8 | 51.5 | 120.0 | 29.1 | |||
| Consumer prices (end of period) | 89.0 | 84,1 | 31.3 | 170.2 | 8.8 | |||
| External sector | ||||||||
| Exports (f.o.b.), U.S. dollar basis | -23.0 | 2.5 | -1.2 | 22.7 | 14.1 | |||
| Imports (f.o.b.). U.S. dollar basis | -6.0 | 13.9 | 45.4 | 0.6 | 12.0 | |||
| Nominal effective exchange rate (-depreciation) | -14.2 | -33.4 | -26.4 | -41.5 | -4.5 | |||
| Real effecüve exchange rate (-depreciation) | 41.7 | 7.3 | 6.5 | 24.3 | 19.7 | |||
| Central Government | ||||||||
| Revenue | 198.1 | 98.1 | 313.1 | 102.8 | 75.1 | |||
| Expenditure | 91.3 | 47.5 | 53.7 | 85.5 | 33.32 | |||
| (Change in percent of brood money at the beginning of period, unless otherwise stated) | ||||||||
| Money and credit | ||||||||
| Net domestic credit, of which: | 24.3 | 45,6 | 15.8 | 70.5 | 15.6 | |||
| Net claims on Government | 17.6 | 18.1 | 4.7 | 19.0 | 6.3 | |||
| Claims on private sector | 6.7 | 27.7 | 11.1 | 51.5 | 9.3 | |||
| Money and quasi money | 13.4 | 56.3 | 43.7 | 114.3 | 32.13 | |||
| Velocity (GDP/broad money) | 0.547 | 0.512 | 0.746 | 0.800 | 0.834 | |||
| Interest rates (end-of-period three-month treasury bills) | 18.8 | 18.8 | 15.0 | 13.0 | 17.2 | |||
| Economic and financial indicators | (In percent of GDP)4 | |||||||
| Consumption5 | 142 | 146 | 145 | 135 | … | |||
| Investment5 | 20 | 20 | 20 | 20 | … | |||
| Central Government | ||||||||
| Revenue | 4.7 | 6.4 | 12.6 | 11.1 | 14.1 | |||
| Expenditure | 39.1 | 39.4 | 28.9 | 23.4 | 22.52 | |||
| Overall deficit | 34.4 | 33.0 | 16.3 | 12.2 | 8.4 | |||
| Exports (f.o.b.) | 17.8 | 17.5 | 11.0 | 10.8 | 9.1 | |||
| Imports (f.o.b.) | -83.2 | -90.8 | -84.2 | -68.0 | -56.0 | |||
| External current balance (excluding official transfers) | -28.9 | -47.6 | -65.9 | -55.1 | -45.3 | |||
| (In percent of total expenditure) | ||||||||
| Central Government | ||||||||
| Revenue | 12.1 | 16.2 | 43.7 | 47.7 | 62.7 | |||
| Overall deficit | 87.9 | 83.8 | 56.3 | 52.3 | 37.3 | |||
| (In millions of U.S. dollars) | ||||||||
| External sector | ||||||||
| Exports, f.o.b. | 484 | 496 | 490 | 601 | 686 | |||
| Workers' remittances | 480 | 280 | 180 | 200 | 300 | |||
| Imports, f.o.b. | -2.263 | -2,578 | -3.748 | -3,770 | -4,222 | |||
| Current account (excluding official transfers) | -785 | -1,351 | -2,935 | -3.053 | -3,417 | |||
| Overall balance (+ surplus) | -309 | -431 | 1,074 | 54 | 1,170 | |||
| Central bank liquid reserves (end of period) | 907 | 623 | 1,237 | 1,448 | 2,220 | |||
| (as months of current year's imports) | 4.8 | 2.9 | 4.0 | 4.6 | 6.3 | |||
| External debt outstanding (end of period)6 | 332 | 332 | 332 | 273 | 352 | |||
| External debt-service payments | ||||||||
| Principal | … | … | … | … | 47 | |||
| Interest | … | … | … | … | 24 | |||
| Debt service (as percent of current receipts) | … | … | … | … | 5 | |||
| (Lebanese pounds per U.S. dollar) | ||||||||
| Exchange rate | ||||||||
| Year average | 497 | 695 | 928 | 1,713 | 1,741 | |||
| End of period | 505 | 342 | 879 | 1,838 | 1,711 | |||
| (In billions of Lebanese pounds) | ||||||||
| GDP4 | 1,350 | 1,973 | 4,132 | 9,499 | 13,122 | |||
Based on 1993 unless otherwise stated (IBRD Social indicators of Development 1993).
Includes capital (reconstruction) expenditures for CDR
Includes SOLIDERE escrow deposits with BDL
GDP data are estimated on the basis of fragmentary information.
IBRD data: “Country Strategy Note” dated July 12, 1993.
Data currently being revised by the authorities.
Selected Social, Economic, and Financial Indicators
| Social and demographic indicators1 | ||||||
| Area (sq. km.) | 10,400 | |||||
| Population (thousands) | 2,900 (est.) | |||||
| Population, rate of growth (percent) | 2.0 | |||||
| Population density (1988, per sq. km.) | 258 | |||||
| Population density (1988, per sq. km. of arable land) | 863 | |||||
| Labor force (thousands) | 941.0 | |||||
| Life expectancy at birth | 66.0 | |||||
| Infant mortality (aged under 1 year, percent) | 4.6 | |||||
| Child death rate (aged 1—4 years, percent) | 5.9 | |||||
| Population per physician | 537 | |||||
| Population per hospital bed | 200 | |||||
| Per capita calorie intake (per day) | 3.247 | |||||
| Per capita protein intake (grams per day) | 86 | |||||
| Percent of private income received by: | ||||||
| Highest quintile | 55 | |||||
| Lowest quintile | 4 | |||||
| Energy consumption per capita (Kg of oil equivalents) | 968 | |||||
| Access to safe water (percent of rural population) | 77 | |||||
| Est. | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1989 | 1990 | 1991 | 1992 | 1993 | ||||
| (Annual percent change) | ||||||||
| Economic and financial indicators | ||||||||
| National income and prices | ||||||||
| Real GDP | -42.2 | -13.4 | 38.2 | 4.5 | 7.0 | |||
| Consumer prices (period average) | 72.2 | 68.8 | 51.5 | 120.0 | 29.1 | |||
| Consumer prices (end of period) | 89.0 | 84,1 | 31.3 | 170.2 | 8.8 | |||
| External sector | ||||||||
| Exports (f.o.b.), U.S. dollar basis | -23.0 | 2.5 | -1.2 | 22.7 | 14.1 | |||
| Imports (f.o.b.). U.S. dollar basis | -6.0 | 13.9 | 45.4 | 0.6 | 12.0 | |||
| Nominal effective exchange rate (-depreciation) | -14.2 | -33.4 | -26.4 | -41.5 | -4.5 | |||
| Real effecüve exchange rate (-depreciation) | 41.7 | 7.3 | 6.5 | 24.3 | 19.7 | |||
| Central Government | ||||||||
| Revenue | 198.1 | 98.1 | 313.1 | 102.8 | 75.1 | |||
| Expenditure | 91.3 | 47.5 | 53.7 | 85.5 | 33.32 | |||
| (Change in percent of brood money at the beginning of period, unless otherwise stated) | ||||||||
| Money and credit | ||||||||
| Net domestic credit, of which: | 24.3 | 45,6 | 15.8 | 70.5 | 15.6 | |||
| Net claims on Government | 17.6 | 18.1 | 4.7 | 19.0 | 6.3 | |||
| Claims on private sector | 6.7 | 27.7 | 11.1 | 51.5 | 9.3 | |||
| Money and quasi money | 13.4 | 56.3 | 43.7 | 114.3 | 32.13 | |||
| Velocity (GDP/broad money) | 0.547 | 0.512 | 0.746 | 0.800 | 0.834 | |||
| Interest rates (end-of-period three-month treasury bills) | 18.8 | 18.8 | 15.0 | 13.0 | 17.2 | |||
| Economic and financial indicators | (In percent of GDP)4 | |||||||
| Consumption5 | 142 | 146 | 145 | 135 | … | |||
| Investment5 | 20 | 20 | 20 | 20 | … | |||
| Central Government | ||||||||
| Revenue | 4.7 | 6.4 | 12.6 | 11.1 | 14.1 | |||
| Expenditure | 39.1 | 39.4 | 28.9 | 23.4 | 22.52 | |||
| Overall deficit | 34.4 | 33.0 | 16.3 | 12.2 | 8.4 | |||
| Exports (f.o.b.) | 17.8 | 17.5 | 11.0 | 10.8 | 9.1 | |||
| Imports (f.o.b.) | -83.2 | -90.8 | -84.2 | -68.0 | -56.0 | |||
| External current balance (excluding official transfers) | -28.9 | -47.6 | -65.9 | -55.1 | -45.3 | |||
| (In percent of total expenditure) | ||||||||
| Central Government | ||||||||
| Revenue | 12.1 | 16.2 | 43.7 | 47.7 | 62.7 | |||
| Overall deficit | 87.9 | 83.8 | 56.3 | 52.3 | 37.3 | |||
| (In millions of U.S. dollars) | ||||||||
| External sector | ||||||||
| Exports, f.o.b. | 484 | 496 | 490 | 601 | 686 | |||
| Workers' remittances | 480 | 280 | 180 | 200 | 300 | |||
| Imports, f.o.b. | -2.263 | -2,578 | -3.748 | -3,770 | -4,222 | |||
| Current account (excluding official transfers) | -785 | -1,351 | -2,935 | -3.053 | -3,417 | |||
| Overall balance (+ surplus) | -309 | -431 | 1,074 | 54 | 1,170 | |||
| Central bank liquid reserves (end of period) | 907 | 623 | 1,237 | 1,448 | 2,220 | |||
| (as months of current year's imports) | 4.8 | 2.9 | 4.0 | 4.6 | 6.3 | |||
| External debt outstanding (end of period)6 | 332 | 332 | 332 | 273 | 352 | |||
| External debt-service payments | ||||||||
| Principal | … | … | … | … | 47 | |||
| Interest | … | … | … | … | 24 | |||
| Debt service (as percent of current receipts) | … | … | … | … | 5 | |||
| (Lebanese pounds per U.S. dollar) | ||||||||
| Exchange rate | ||||||||
| Year average | 497 | 695 | 928 | 1,713 | 1,741 | |||
| End of period | 505 | 342 | 879 | 1,838 | 1,711 | |||
| (In billions of Lebanese pounds) | ||||||||
| GDP4 | 1,350 | 1,973 | 4,132 | 9,499 | 13,122 | |||
Based on 1993 unless otherwise stated (IBRD Social indicators of Development 1993).
Includes capital (reconstruction) expenditures for CDR
Includes SOLIDERE escrow deposits with BDL
GDP data are estimated on the basis of fragmentary information.
IBRD data: “Country Strategy Note” dated July 12, 1993.
Data currently being revised by the authorities.
Selected Indicators of Sectoral Economic Activity
Selected Indicators of Sectoral Economic Activity
| Indicator | Unit | 1989 | 1990 | 1991 | 1992 | 1993 | |
|---|---|---|---|---|---|---|---|
| Nominal GDP | Billions of Lebanese pounds | 1,350 | 1,973 | 4,132 | 9,499 | 13,122 | |
| Real GDP | Percent change | -42.2 | -13.4 | 38.2 | 4.5 | 7.0 | |
| Consumer prices | |||||||
| Year average | Percent change | -72.2 | -68.8 | 51.5 | 120.0 | 29.1 | |
| End-year | Percentage change | 89.0 | 84.1 | 31.3 | 170.2 | 8.8 | |
| Agricultural exports | Millions of U.S. dollars | … | 25.7 | 62.4 | 92.3 | 86.8 | |
| Industrial exports | Millions of U.S. dollars | … | 188.3 | 311.0 | 418.0 | 392.3 | |
| Electricity production | Million kwh | 2,549 | 1,532 | 2,920 | 4,033 | 4,170 | |
| Construction permits | Thousand sq m | 1,971 | 2,211 | 6,134 | 10,745 | 15,053 | |
| Cement deliveries | Thousand metric tons | … | 1,269 | 1,690 | 2,127 | 3,045 | |
| Port of Beirut | Number of ships | — | 671 | 2,237 | 3,054 | 3,323 | |
| Beirut Airport | Thousands of passengers | 221 | 710 | 826 | 1,044 | 1,294 | |
Selected Indicators of Sectoral Economic Activity
| Indicator | Unit | 1989 | 1990 | 1991 | 1992 | 1993 | |
|---|---|---|---|---|---|---|---|
| Nominal GDP | Billions of Lebanese pounds | 1,350 | 1,973 | 4,132 | 9,499 | 13,122 | |
| Real GDP | Percent change | -42.2 | -13.4 | 38.2 | 4.5 | 7.0 | |
| Consumer prices | |||||||
| Year average | Percent change | -72.2 | -68.8 | 51.5 | 120.0 | 29.1 | |
| End-year | Percentage change | 89.0 | 84.1 | 31.3 | 170.2 | 8.8 | |
| Agricultural exports | Millions of U.S. dollars | … | 25.7 | 62.4 | 92.3 | 86.8 | |
| Industrial exports | Millions of U.S. dollars | … | 188.3 | 311.0 | 418.0 | 392.3 | |
| Electricity production | Million kwh | 2,549 | 1,532 | 2,920 | 4,033 | 4,170 | |
| Construction permits | Thousand sq m | 1,971 | 2,211 | 6,134 | 10,745 | 15,053 | |
| Cement deliveries | Thousand metric tons | … | 1,269 | 1,690 | 2,127 | 3,045 | |
| Port of Beirut | Number of ships | — | 671 | 2,237 | 3,054 | 3,323 | |
| Beirut Airport | Thousands of passengers | 221 | 710 | 826 | 1,044 | 1,294 | |
Consumer Price Indices1
(Average for 1988 = 100)
Based on an index for Beirut and suburbs prepared by the Consultation and Research Institute for the Trade Union Confederation.
Annual data are averages of the 12-month period ending December, while monthly data represent changes with respect to the same month in the previous year.
Consumer Price Indices1
(Average for 1988 = 100)
| Index | Annual Rate of Change2 | Index | Annual Rateof Change2 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| (Period overage) | (In percent) | (Period average) | (In percent) | ||||||
| 1988 | 100.0 | 155.0 | 1993 (continued) | ||||||
| 1939 | 172.2 | 72.2 | June | 1,229.7 | 36.9 | ||||
| 1990 | 290.7 | 68.8 | July | 1,231.0 | 24.0 | ||||
| 1991 | 440.3 | 51.5 | August | 1,233.4 | 4.3 | ||||
| 1992 | 968.6 | 120.0 | September | 1,235.9 | -9.3 | ||||
| 1993 | 1,250.6 | 29.1 | October | 1,315.0 | -1.9 | ||||
| November | 1,324.2 | 8.1 | |||||||
| 1993 | December | 1,344.1 | 8.8 | ||||||
| January | 1,223.3 | 144.8 | |||||||
| February | 1,226.4 | 133.6 | 1994 | ||||||
| March | 1,219.0 | 71.4 | January | 1,341.5 | 9.2 | ||||
| April | 1,212.9 | 51.6 | February | 1,342.7 | 9.5 | ||||
| May | 1,206.6 | 42.0 | March | 1,370.0 | 12.4 | ||||
Based on an index for Beirut and suburbs prepared by the Consultation and Research Institute for the Trade Union Confederation.
Annual data are averages of the 12-month period ending December, while monthly data represent changes with respect to the same month in the previous year.
Consumer Price Indices1
(Average for 1988 = 100)
| Index | Annual Rate of Change2 | Index | Annual Rateof Change2 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| (Period overage) | (In percent) | (Period average) | (In percent) | ||||||
| 1988 | 100.0 | 155.0 | 1993 (continued) | ||||||
| 1939 | 172.2 | 72.2 | June | 1,229.7 | 36.9 | ||||
| 1990 | 290.7 | 68.8 | July | 1,231.0 | 24.0 | ||||
| 1991 | 440.3 | 51.5 | August | 1,233.4 | 4.3 | ||||
| 1992 | 968.6 | 120.0 | September | 1,235.9 | -9.3 | ||||
| 1993 | 1,250.6 | 29.1 | October | 1,315.0 | -1.9 | ||||
| November | 1,324.2 | 8.1 | |||||||
| 1993 | December | 1,344.1 | 8.8 | ||||||
| January | 1,223.3 | 144.8 | |||||||
| February | 1,226.4 | 133.6 | 1994 | ||||||
| March | 1,219.0 | 71.4 | January | 1,341.5 | 9.2 | ||||
| April | 1,212.9 | 51.6 | February | 1,342.7 | 9.5 | ||||
| May | 1,206.6 | 42.0 | March | 1,370.0 | 12.4 | ||||
Based on an index for Beirut and suburbs prepared by the Consultation and Research Institute for the Trade Union Confederation.
Annual data are averages of the 12-month period ending December, while monthly data represent changes with respect to the same month in the previous year.
Summary of Central Government Operations1
Includes foreign and domestically financed CDR expenditures
Includes advances and transfers
Petroleum subsidy paid tú Electricité du Liban.
Discrepancy between deficit and financing.
In percent of expenditures excluding foreign-Fin a need capital expenditures.
Summary of Central Government Operations1
| Budget | Outturn | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1989 | 1990 | 1991 | 1992 | 1993 | 1993 | ||||
| (In billions of Lebanese pounds) | |||||||||
| Revenue | 64 | 126 | 522 | 1,059 | 1,701 | 1,855 | |||
| Indirect taxes | 4 | 4 | 132 | 467 | 864 | 806 | |||
| Customs duties | 2 | 2 | 98 | 323 | 700 | 662 | |||
| Other | 2 | 2 | 34 | 144 | 164 | 144 | |||
| Direct taxes | 15 | 37 | 90 | 46 | 285 | 172 | |||
| Fees, dues, and charges | 8 | 15 | 79 | 93 | 150 | 179 | |||
| Other | 38 | 71 | 222 | 453 | 403 | 697 | |||
| Of which: Bank of Lebanon profits | 29 | 65 | 134 | 79 | 63 | 63 | |||
| Expenditure1 | 528 | 778 | 1,196 | 2,219 | 3,400 | 2,957 | |||
| Current expenditures | 495 | 745 | 1,035 | 2,073 | 2,909 | 2,757 | |||
| Wages and salaries | 97 | 210 | 370 | 660 | 750 | 640 | |||
| Other current2 | 147 | 276 | 425 | 750 | 1,428 | 1,152 | |||
| Interest payments | 152 | 214 | 206 | 519 | 731 | 784 | |||
| Domestic | 152 | 204 | 204 | 454 | 731 | 754 | |||
| Foreign | 1 | 10 | 2 | 65 | … | 30 | |||
| Fuel subsidy3 | 99 | 46 | 35 | 145 | … | 181 | |||
| Capital expenditures | 33 | 33 | 161 | 146 | 491 | 200 | |||
| Of which: Foreign-financed | — | — | — | — | — | 52 | |||
| Deficit | -464 | -652 | -674 | -1,160 | -1,699 | -1,102 | |||
| Financing | 464 | 652 | 650 | 979 | 1,699 | 1,131 | |||
| Foreign | -2 | — | — | -108 | 190 | ||||
| Grants | … | — | — | — | … | 52 | |||
| Net borrowing | … | — | — | -108 | … | 138 | |||
| Disbursements | … | — | — | — | … | 219 | |||
| Amortization | … | — | — | -108 | … | -82 | |||
| Domestic | 466 | 652 | 650 | 1,087 | 1,699 | 941 | |||
| Banking system | 400 | 576 | 183 | 1,055 | … | 751 | |||
| Bank of Lebanon | 120 | 446 | -424 | -668 | … | -119 | |||
| Commercial banks | 279 | 130 | 607 | 1,722 | … | 870 | |||
| Nonbank private | 67 | 76 | 467 | 32 | … | 190 | |||
| Discrepancy4 | — | — | -24 | -181 | — | 29 | |||
| Memorandum items: | |||||||||
| (In percent of GDP) | |||||||||
| Deficit | -34 | -33 | -16 | -12 | -13 | -8 | |||
| Deficit excluding foreign-financed capital expenditures | -34 | -33 | -16 | -12 | … | -8 | |||
| Revenue | 5 | 6 | 13 | 11 | 13 | 14 | |||
| Expenditures | 39 | 39 | 29 | 23 | 26 | 23 | |||
| Current balance | -32 | -31 | -12 | -11 | -9 | -7 | |||
| Domestic financing | 35 | 33 | 16 | 11 | 13 | 7 | |||
| (In percent of expenditures) | |||||||||
| Deficit | -88 | -84 | -56 | -52 | -50 | -37 | |||
| Deficit excluding foreign-financed capital expenditures5 | -88 | -84 | -56 | -52 | … | -36 | |||
| Revenue | 12 | 16 | 44 | 48 | 50 | 63 | |||
| Domestic financing | 88 | 84 | 54 | 49 | 50 | 32 | |||
Includes foreign and domestically financed CDR expenditures
Includes advances and transfers
Petroleum subsidy paid tú Electricité du Liban.
Discrepancy between deficit and financing.
In percent of expenditures excluding foreign-Fin a need capital expenditures.
Summary of Central Government Operations1
| Budget | Outturn | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 1989 | 1990 | 1991 | 1992 | 1993 | 1993 | ||||
| (In billions of Lebanese pounds) | |||||||||
| Revenue | 64 | 126 | 522 | 1,059 | 1,701 | 1,855 | |||
| Indirect taxes | 4 | 4 | 132 | 467 | 864 | 806 | |||
| Customs duties | 2 | 2 | 98 | 323 | 700 | 662 | |||
| Other | 2 | 2 | 34 | 144 | 164 | 144 | |||
| Direct taxes | 15 | 37 | 90 | 46 | 285 | 172 | |||
| Fees, dues, and charges | 8 | 15 | 79 | 93 | 150 | 179 | |||
| Other | 38 | 71 | 222 | 453 | 403 | 697 | |||
| Of which: Bank of Lebanon profits | 29 | 65 | 134 | 79 | 63 | 63 | |||
| Expenditure1 | 528 | 778 | 1,196 | 2,219 | 3,400 | 2,957 | |||
| Current expenditures | 495 | 745 | 1,035 | 2,073 | 2,909 | 2,757 | |||
| Wages and salaries | 97 | 210 | 370 | 660 | 750 | 640 | |||
| Other current2 | 147 | 276 | 425 | 750 | 1,428 | 1,152 | |||
| Interest payments | 152 | 214 | 206 | 519 | 731 | 784 | |||
| Domestic | 152 | 204 | 204 | 454 | 731 | 754 | |||
| Foreign | 1 | 10 | 2 | 65 | … | 30 | |||
| Fuel subsidy3 | 99 | 46 | 35 | 145 | … | 181 | |||
| Capital expenditures | 33 | 33 | 161 | 146 | 491 | 200 | |||
| Of which: Foreign-financed | — | — | — | — | — | 52 | |||
| Deficit | -464 | -652 | -674 | -1,160 | -1,699 | -1,102 | |||
| Financing | 464 | 652 | 650 | 979 | 1,699 | 1,131 | |||
| Foreign | -2 | — | — | -108 | 190 | ||||
| Grants | … | — | — | — | … | 52 | |||
| Net borrowing | … | — | — | -108 | … | 138 | |||
| Disbursements | … | — | — | — | … | 219 | |||
| Amortization | … | — | — | -108 | … | -82 | |||
| Domestic | 466 | 652 | 650 | 1,087 | 1,699 | 941 | |||
| Banking system | 400 | 576 | 183 | 1,055 | … | 751 | |||
| Bank of Lebanon | 120 | 446 | -424 | -668 | … | -119 | |||
| Commercial banks | 279 | 130 | 607 | 1,722 | … | 870 | |||
| Nonbank private | 67 | 76 | 467 | 32 | … | 190 | |||
| Discrepancy4 | — | — | -24 | -181 | — | 29 | |||
| Memorandum items: | |||||||||
| (In percent of GDP) | |||||||||
| Deficit | -34 | -33 | -16 | -12 | -13 | -8 | |||
| Deficit excluding foreign-financed capital expenditures | -34 | -33 | -16 | -12 | … | -8 | |||
| Revenue | 5 | 6 | 13 | 11 | 13 | 14 | |||
| Expenditures | 39 | 39 | 29 | 23 | 26 | 23 | |||
| Current balance | -32 | -31 | -12 | -11 | -9 | -7 | |||
| Domestic financing | 35 | 33 | 16 | 11 | 13 | 7 | |||
| (In percent of expenditures) | |||||||||
| Deficit | -88 | -84 | -56 | -52 | -50 | -37 | |||
| Deficit excluding foreign-financed capital expenditures5 | -88 | -84 | -56 | -52 | … | -36 | |||
| Revenue | 12 | 16 | 44 | 48 | 50 | 63 | |||
| Domestic financing | 88 | 84 | 54 | 49 | 50 | 32 | |||
Includes foreign and domestically financed CDR expenditures
Includes advances and transfers
Petroleum subsidy paid tú Electricité du Liban.
Discrepancy between deficit and financing.
In percent of expenditures excluding foreign-Fin a need capital expenditures.
Treasury Bills in Circulation
(In millions of Lebanese pounds)
Special bills that can be part of the reserve requirement. Commercial banks must hold 3 percent of deposits as reserves in the form of these bills, which earn a fixed interest rate of 6 percent a year.
Treasury Bills in Circulation
(In millions of Lebanese pounds)
| Type of Bill | 1989 | 1990 | 1991 | 1992 | 1993 | ||
|---|---|---|---|---|---|---|---|
| 3-month | |||||||
| Issue | 584,874 | 587,721 | 596,542 | 2,031,161 | 2,525,425 | ||
| Reimbursement | 544,459 | 567,600 | 595,530 | 1,077,401 | 3,051,324 | ||
| In circulation (end of period) | 149,004 | 169,125 | 170,136 | 1,123,896 | 597,997 | ||
| 6-month | |||||||
| Issue | 280,737 | 357,907 | 470,675 | 863,348 | 1,542,817 | ||
| Reimbursement | 201,243 | 297,417 | 454,373 | 469,856 | 1,294,939 | ||
| In circulation (end of period) | 159,027 | 219,517 | 235,820 | 629,312 | 877,190 | ||
| 12-month | |||||||
| Issue | 457,766 | 607,789 | 1,480,330 | 1,184,581 | 1,769,311 | ||
| Reimbursement | 225,803 | 457,769 | 607,787 | 1,487,299 | 1,177,610 | ||
| In circulation (end of period) | 457,767 | 607,787 | 1,480,330 | 1,177,612 | 1,769,313 | ||
| 18-month | |||||||
| Issue | – | – | 57,023 | 164,845 | – | ||
| Reimbursement | – | – | – | – | 95,677 | ||
| In circulation (end of period) | – | – | 57,023 | 221,868 | 126,191 | ||
| 24-month | |||||||
| Issue | – | – | 344,378 | 1,161,890 | 1,366,918 | ||
| Reimbursement | – | – | – | – | 350,640 | ||
| In circulation (end of period) | – | – | 344,378 | 1,506,268 | 2,522,546 | ||
| Special bills1 | |||||||
| Issue | 35,959 | 47,991 | 75,926 | 120,025 | 238,825 | ||
| Reimbursement | 27,251 | 42,025 | 57,018 | 70,073 | 203,124 | ||
| In circulation (end of period) | 20,618 | 26,584 | 45,492 | 95,444 | 131,145 | ||
| Total bills | |||||||
| Issuance | 1,359,336 | 1,601,448 | 3,024,874 | 5,525,850 | 7,443,296 | ||
| Reimbursements | 998,756 | 1,364,811 | 1,714,708 | 3,104,629 | 6,173,314 | ||
| In circulation (end of period) | 786,416 | 1,023,013 | 2,333,179 | 4,754,400 | 6,024,382 | ||
Special bills that can be part of the reserve requirement. Commercial banks must hold 3 percent of deposits as reserves in the form of these bills, which earn a fixed interest rate of 6 percent a year.
Treasury Bills in Circulation
(In millions of Lebanese pounds)
| Type of Bill | 1989 | 1990 | 1991 | 1992 | 1993 | ||
|---|---|---|---|---|---|---|---|
| 3-month | |||||||
| Issue | 584,874 | 587,721 | 596,542 | 2,031,161 | 2,525,425 | ||
| Reimbursement | 544,459 | 567,600 | 595,530 | 1,077,401 | 3,051,324 | ||
| In circulation (end of period) | 149,004 | 169,125 | 170,136 | 1,123,896 | 597,997 | ||
| 6-month | |||||||
| Issue | 280,737 | 357,907 | 470,675 | 863,348 | 1,542,817 | ||
| Reimbursement | 201,243 | 297,417 | 454,373 | 469,856 | 1,294,939 | ||
| In circulation (end of period) | 159,027 | 219,517 | 235,820 | 629,312 | 877,190 | ||
| 12-month | |||||||
| Issue | 457,766 | 607,789 | 1,480,330 | 1,184,581 | 1,769,311 | ||
| Reimbursement | 225,803 | 457,769 | 607,787 | 1,487,299 | 1,177,610 | ||
| In circulation (end of period) | 457,767 | 607,787 | 1,480,330 | 1,177,612 | 1,769,313 | ||
| 18-month | |||||||
| Issue | – | – | 57,023 | 164,845 | – | ||
| Reimbursement | – | – | – | – | 95,677 | ||
| In circulation (end of period) | – | – | 57,023 | 221,868 | 126,191 | ||
| 24-month | |||||||
| Issue | – | – | 344,378 | 1,161,890 | 1,366,918 | ||
| Reimbursement | – | – | – | – | 350,640 | ||
| In circulation (end of period) | – | – | 344,378 | 1,506,268 | 2,522,546 | ||
| Special bills1 | |||||||
| Issue | 35,959 | 47,991 | 75,926 | 120,025 | 238,825 | ||
| Reimbursement | 27,251 | 42,025 | 57,018 | 70,073 | 203,124 | ||
| In circulation (end of period) | 20,618 | 26,584 | 45,492 | 95,444 | 131,145 | ||
| Total bills | |||||||
| Issuance | 1,359,336 | 1,601,448 | 3,024,874 | 5,525,850 | 7,443,296 | ||
| Reimbursements | 998,756 | 1,364,811 | 1,714,708 | 3,104,629 | 6,173,314 | ||
| In circulation (end of period) | 786,416 | 1,023,013 | 2,333,179 | 4,754,400 | 6,024,382 | ||
Special bills that can be part of the reserve requirement. Commercial banks must hold 3 percent of deposits as reserves in the form of these bills, which earn a fixed interest rate of 6 percent a year.
Bank of Lebanon Balance Sheet1
(End-of period stocks; in billions of Lebanese pounds)
Bank of Lebanon format.
Treasury debit and credit accounts were unified in September 1993.
SOLIDERE accounts were opened in November 1993. Also includes other foreign currency deposits.
Bank of Lebanon Balance Sheet1
(End-of period stocks; in billions of Lebanese pounds)
| March | |||||||
|---|---|---|---|---|---|---|---|
| 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | ||
| Foreign assets | 2,324.5 | 3,517.3 | 3,952.6 | 8,297.5 | 9,981.6 | 11,668.4 | |
| Gold | 1,866.9 | 2,992.5 | 2,865.6 | 5,636.1 | 6,165.8 | 6,086.8 | |
| Foreign exchange | 457.7 | 524.8 | 1,087.0 | 2,661.4 | 3,815.8 | 5,581.6 | |
| Claims on private sector | 6.8 | 17.9 | 20.1 | 36.9 | 44.4 | 45.8 | |
| Claims on commercial banks | 93.3 | 169.1 | 189.2 | 163.9 | 187.1 | 184.4 | |
| Claims on public sector | 163.6 | 611.8 | 276.4 | 284.0 | 472.5 | 404.3 | |
| Treasury2 | 132.0 | 529.3 | 198.9 | 123.5 | – | – | |
| Claims from revaluation of Lebanese pounds | – | – | – | – | – | – | |
| Treasury bills | 25.8 | 74.1 | 68.2 | 139.3 | 410.7 | 347.9 | |
| Other | 5.9 | 8.4 | 9.3 | 21.2 | 61.8 | 56.4 | |
| Fixed assets | 5.1 | 8.8 | 7.8 | 213.8 | 214.3 | 258.5 | |
| Unclassified assets | 20.7 | 31.1 | 100.2 | 82.1 | 92.8 | 72.8 | |
| Assets = Liabilities | 2,614.0 | 4,355.9 | 4,546.3 | 9,078.2 | 10,9917 | 12,634.2 | |
| Currency in circulation | 203.8 | 349.1 | 518.6 | 842.1 | 763.7 | 808.7 | |
| Commercial banks' deposits | 126.0 | 158.3 | 278.7 | 671.9 | 1,390.0 | 1,519.8 | |
| Deposits of specialized banks | 1.8 | 0.2 | 0.5 | 2.5 | 1.3 | 0.7 | |
| Private sector deposits | 0.4 | 1.5 | 2.3 | 6.9 | 553.3 | 1,124.0 | |
| Sight | 0.4 | 1.5 | 2.3 | 5.4 | 5.0 | 5.2 | |
| Term | – | – | – | 1.5 | – | – | |
| SOLIDERE3 | – | – | – | – | 548.3 | 1,118.8 | |
| Public sector deposits | 2,208.1 | 3,629.6 | 3,517.2 | 7,179.9 | 7,867.6 | 8,815.9 | |
| Lebanese pound sight | 21.1 | 43.1 | 163.4 | 719.1 | 828.1 | 1,923.2 | |
| Foreign currency sight | 14.7 | 43.0 | 44.0 | 107.1 | 156.6 | 160.5 | |
| Other | 68.6 | 114.5 | 82.0 | 101.2 | 252.6 | 263.2 | |
| Liabilities to Government due to depreciation | 2,103.6 | 3,429.0 | 3,227.8 | 6,252.5 | 6,630.3 | 6,469.0 | |
| Foreign liabilities | 1.6 | 2.8 | 29 | 6.2 | 10.0 | 3.9 | |
| Capital accounts | 14.5 | 26.7 | 60.1 | 79.9 | 95.7 | 88.5 | |
| Unclassified liabilities | 57.7 | 187.7 | 165.9 | 288.9 | 311.1 | 272.7 | |
Bank of Lebanon format.
Treasury debit and credit accounts were unified in September 1993.
SOLIDERE accounts were opened in November 1993. Also includes other foreign currency deposits.
Bank of Lebanon Balance Sheet1
(End-of period stocks; in billions of Lebanese pounds)
| March | |||||||
|---|---|---|---|---|---|---|---|
| 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | ||
| Foreign assets | 2,324.5 | 3,517.3 | 3,952.6 | 8,297.5 | 9,981.6 | 11,668.4 | |
| Gold | 1,866.9 | 2,992.5 | 2,865.6 | 5,636.1 | 6,165.8 | 6,086.8 | |
| Foreign exchange | 457.7 | 524.8 | 1,087.0 | 2,661.4 | 3,815.8 | 5,581.6 | |
| Claims on private sector | 6.8 | 17.9 | 20.1 | 36.9 | 44.4 | 45.8 | |
| Claims on commercial banks | 93.3 | 169.1 | 189.2 | 163.9 | 187.1 | 184.4 | |
| Claims on public sector | 163.6 | 611.8 | 276.4 | 284.0 | 472.5 | 404.3 | |
| Treasury2 | 132.0 | 529.3 | 198.9 | 123.5 | – | – | |
| Claims from revaluation of Lebanese pounds | – | – | – | – | – | – | |
| Treasury bills | 25.8 | 74.1 | 68.2 | 139.3 | 410.7 | 347.9 | |
| Other | 5.9 | 8.4 | 9.3 | 21.2 | 61.8 | 56.4 | |
| Fixed assets | 5.1 | 8.8 | 7.8 | 213.8 | 214.3 | 258.5 | |
| Unclassified assets | 20.7 | 31.1 | 100.2 | 82.1 | 92.8 | 72.8 | |
| Assets = Liabilities | 2,614.0 | 4,355.9 | 4,546.3 | 9,078.2 | 10,9917 | 12,634.2 | |
| Currency in circulation | 203.8 | 349.1 | 518.6 | 842.1 | 763.7 | 808.7 | |
| Commercial banks' deposits | 126.0 | 158.3 | 278.7 | 671.9 | 1,390.0 | 1,519.8 | |
| Deposits of specialized banks | 1.8 | 0.2 | 0.5 | 2.5 | 1.3 | 0.7 | |
| Private sector deposits | 0.4 | 1.5 | 2.3 | 6.9 | 553.3 | 1,124.0 | |
| Sight | 0.4 | 1.5 | 2.3 | 5.4 | 5.0 | 5.2 | |
| Term | – | – | – | 1.5 | – | – | |
| SOLIDERE3 | – | – | – | – | 548.3 | 1,118.8 | |
| Public sector deposits | 2,208.1 | 3,629.6 | 3,517.2 | 7,179.9 | 7,867.6 | 8,815.9 | |
| Lebanese pound sight | 21.1 | 43.1 | 163.4 | 719.1 | 828.1 | 1,923.2 | |
| Foreign currency sight | 14.7 | 43.0 | 44.0 | 107.1 | 156.6 | 160.5 | |
| Other | 68.6 | 114.5 | 82.0 | 101.2 | 252.6 | 263.2 | |
| Liabilities to Government due to depreciation | 2,103.6 | 3,429.0 | 3,227.8 | 6,252.5 | 6,630.3 | 6,469.0 | |
| Foreign liabilities | 1.6 | 2.8 | 29 | 6.2 | 10.0 | 3.9 | |
| Capital accounts | 14.5 | 26.7 | 60.1 | 79.9 | 95.7 | 88.5 | |
| Unclassified liabilities | 57.7 | 187.7 | 165.9 | 288.9 | 311.1 | 272.7 | |
Bank of Lebanon format.
Treasury debit and credit accounts were unified in September 1993.
SOLIDERE accounts were opened in November 1993. Also includes other foreign currency deposits.
Commercial Banks’ Balance Sheet1
(End-of period stocks; in billions of Lebanese pounds)
Bank of Lebanon format.
Commercial Banks’ Balance Sheet1
(End-of period stocks; in billions of Lebanese pounds)
| March | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | |||
| Reserves | 130.9 | 178.0 | 282.5 | 669.2 | 1,434.9 | 1,518.4 | ||
| Currency | 11.4 | 16.1 | 33.9 | 44.1 | 49.0 | 46.2 | ||
| Deposits with Bank of Lebanon | 119.5 | 161.9 | 248.6 | 625.1 | 1,385.9 | 1,472.2 | ||
| Claims on private sector | 878.1 | l,548.3 | 1,971.1 | 4,804.0 | 5,897.9 | 6,741.4 | ||
| Lebanese pounds | 175.1 | 258.3 | 343.4 | 436.1 | 631.5 | 682.9 | ||
| Foreign currency | 703.0 | 1,290.0 | 1,627.7 | 4,367.9 | 5,266.4 | 6,058.5 | ||
| Claims on public sector | 558.3 | 688.4 | 1,309.4 | 3,098.3 | 4,013.3 | 5,266.6 | ||
| Treasury bills | 557.0 | 681.1 | 1,302.4 | 3,082.8 | 4,010.0 | 5,262.4 | ||
| Other | 1.3 | 7.3 | 7.0 | 15.5 | 3.3 | 4.2 | ||
| Foreign assets | 1,458.2 | 2,374.5 | 3,061,2 | 5,824,8 | 7,040,7 | 5,469.4 | ||
| Fixed assets | 30.9 | 57.8 | 90.0 | 144.3 | 258.7 | 267.3 | ||
| Unclassified assets | 67.7 | 88.5 | 83.6 | 93.7 | 163.4 | 242.8 | ||
| Assets = Liabilities | 3,124.1 | 4,935.5 | 6,797.8 | 14,634.3 | 18,808.9 | 19,505.9 | ||
| Private sector deposits | 2,270.5 | 3,518.8 | 5,051.0 | 11,062.1 | 14,409.2 | 14,854.0 | ||
| Lebanese pounds | 750.8 | 934.2 | 1,663.6 | 3,587.2 | 4,587.8 | 5,911.0 | ||
| Sight | 92.5 | 115.3 | 202.0 | 393.5 | 422.4 | 435.4 | ||
| Term | 658.2 | 818.9 | 1,461.6 | 3,193.7 | 4,165.4 | 5,475.6 | ||
| Foreign currency | 1,519.8 | 2,584.6 | 3,387.4 | 7,474.9 | 9,821.4 | 8,943.0 | ||
| Sight | 189.6 | 328.3 | 506.6 | 1,238.3 | 1,748.0 | 1,541.3 | ||
| Term | 1,330.2 | 2,256.3 | 2,880.8 | 6,236.6 | 8,073.4 | 7,4017 | ||
| Public sector deposits | 11.3 | 26.1 | 40.0 | 106.5 | 151.7 | 233.1 | ||
| Liabilities to nonresident banks | 277.7 | 437.7 | 373.8 | 599.0 | 658.3 | 560.7 | ||
| Deposits of nonresidents | 170.5 | 276.1 | 468.1 | 1,099.8 | 1,392.7 | 1,424.5 | ||
| Of which: In Lebanese pounds | 43.5 | 64.2 | 86.4 | 133.5 | 157.3 | 162.3 | ||
| Capital accounts | 23.7 | 103.9 | 147.9 | 263.5 | 444.1 | 560.7 | ||
| Unclassified liabilities | 370.4 | 572.9 | 717.0 | 1,503.5 | 1,753.0 | 1,872.9 | ||
Bank of Lebanon format.
Commercial Banks’ Balance Sheet1
(End-of period stocks; in billions of Lebanese pounds)
| March | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | |||
| Reserves | 130.9 | 178.0 | 282.5 | 669.2 | 1,434.9 | 1,518.4 | ||
| Currency | 11.4 | 16.1 | 33.9 | 44.1 | 49.0 | 46.2 | ||
| Deposits with Bank of Lebanon | 119.5 | 161.9 | 248.6 | 625.1 | 1,385.9 | 1,472.2 | ||
| Claims on private sector | 878.1 | l,548.3 | 1,971.1 | 4,804.0 | 5,897.9 | 6,741.4 | ||
| Lebanese pounds | 175.1 | 258.3 | 343.4 | 436.1 | 631.5 | 682.9 | ||
| Foreign currency | 703.0 | 1,290.0 | 1,627.7 | 4,367.9 | 5,266.4 | 6,058.5 | ||
| Claims on public sector | 558.3 | 688.4 | 1,309.4 | 3,098.3 | 4,013.3 | 5,266.6 | ||
| Treasury bills | 557.0 | 681.1 | 1,302.4 | 3,082.8 | 4,010.0 | 5,262.4 | ||
| Other | 1.3 | 7.3 | 7.0 | 15.5 | 3.3 | 4.2 | ||
| Foreign assets | 1,458.2 | 2,374.5 | 3,061,2 | 5,824,8 | 7,040,7 | 5,469.4 | ||
| Fixed assets | 30.9 | 57.8 | 90.0 | 144.3 | 258.7 | 267.3 | ||
| Unclassified assets | 67.7 | 88.5 | 83.6 | 93.7 | 163.4 | 242.8 | ||
| Assets = Liabilities | 3,124.1 | 4,935.5 | 6,797.8 | 14,634.3 | 18,808.9 | 19,505.9 | ||
| Private sector deposits | 2,270.5 | 3,518.8 | 5,051.0 | 11,062.1 | 14,409.2 | 14,854.0 | ||
| Lebanese pounds | 750.8 | 934.2 | 1,663.6 | 3,587.2 | 4,587.8 | 5,911.0 | ||
| Sight | 92.5 | 115.3 | 202.0 | 393.5 | 422.4 | 435.4 | ||
| Term | 658.2 | 818.9 | 1,461.6 | 3,193.7 | 4,165.4 | 5,475.6 | ||
| Foreign currency | 1,519.8 | 2,584.6 | 3,387.4 | 7,474.9 | 9,821.4 | 8,943.0 | ||
| Sight | 189.6 | 328.3 | 506.6 | 1,238.3 | 1,748.0 | 1,541.3 | ||
| Term | 1,330.2 | 2,256.3 | 2,880.8 | 6,236.6 | 8,073.4 | 7,4017 | ||
| Public sector deposits | 11.3 | 26.1 | 40.0 | 106.5 | 151.7 | 233.1 | ||
| Liabilities to nonresident banks | 277.7 | 437.7 | 373.8 | 599.0 | 658.3 | 560.7 | ||
| Deposits of nonresidents | 170.5 | 276.1 | 468.1 | 1,099.8 | 1,392.7 | 1,424.5 | ||
| Of which: In Lebanese pounds | 43.5 | 64.2 | 86.4 | 133.5 | 157.3 | 162.3 | ||
| Capital accounts | 23.7 | 103.9 | 147.9 | 263.5 | 444.1 | 560.7 | ||
| Unclassified liabilities | 370.4 | 572.9 | 717.0 | 1,503.5 | 1,753.0 | 1,872.9 | ||
Bank of Lebanon format.
Monetary Survey
(End-of-period stocks; in billions of Lebanese pounds)
SOLIDERE deposits are included as foreign currency deposits.
For March 1994, the data represent percentage changes from the stock at end of March the previous year.
Monetary Survey
(End-of-period stocks; in billions of Lebanese pounds)
| March | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | |||
| Total liquidity | 2,465.2 | 3,853.4 | 5,538.5 | 11,869.5 | 15,678.5 | 16,741.2 | ||
| Money | 287.2 | 449.9 | 689.5 | 1,199.4 | 1,143.4 | 1,203,8 | ||
| Currency | 192.4 | 333.0 | 484.7 | 798.0 | 714.7 | 762.5 | ||
| Demand deposits in domestic currency | 94.8 | 117.0 | 204.8 | 401.4 | 428.7 | 441.3 | ||
| Quasi money | 2,178.0 | 3,403.5 | 4,849.0 | 10,670.1 | 14,535.1 | 15,537.4 | ||
| Domestic currency time and savings deposits | 658.2 | 818.9 | 1,461.6 | 3,195.2 | 4,165.4 | 5,475.6 | ||
| Foreign currency deposits1 | 1,519.8 | 2,584.6 | 3,387.4 | 7,474.9 | 10,369.7 | 10,061.8 | ||
| Net foreign assets | 3,349.8 | 5,206.0 | 6,203.1 | 12,488.8 | 15,030.2 | 15,219.2 | ||
| Domestic claims | 1,480.1 | 2,608.8 | 3,213.5 | 7,117.8 | 8,970.2 | 9,807.6 | ||
| Net claims on public sector | 595.2 | 1,042.6 | 1,222.3 | 2,276.9 | 3,027.9 | 3,020.4 | ||
| Lebanese pounds | 678.5 | 1,200.1 | 1,348.3 | 2,485.2 | 3,437.1 | 3,444.1 | ||
| Foreign currency | -83.4 | -157.5 | -126.0 | -208.3 | -409.2 | -423.7 | ||
| Claims on private sector | 884.9 | 1,566.2 | 1,991.2 | 4,840.9 | 5,942.3 | 6,787.2 | ||
| Lebanese pounds | 181.9 | 276.2 | 363.5 | 473.0 | 675.9 | 728.7 | ||
| Foreign currency | 703.0 | 1,290.0 | 1,627.7 | 4,367.9 | 5,266.4 | 6,058.5 | ||
| Other items (net) | -2,364.7 | -3,961.4 | -3,878.1 | -7,737.1 | -8,321.9 | -8,285.6 | ||
| Of which: Exchange revaluation account of Bank of Lebanon | -2,109.5 | -3,429.0 | -3,227.8 | -6,252.5 | -6,630,3 | -6,469.0 | ||
| Memorandum items: | ||||||||
| Total liquidity (percent change)2 | 13.4 | 56.3 | 43.7 | 1 14.3 | 32.1 | 41.2 | ||
| Lebanese pound component of liquidity (as percent of total liquidity) | 38.3 | 32.9 | 38.8 | 37.0 | 33.9 | 39.9 | ||
| Change in net credit to the public sector (as percent of total liquidity at beginning of period) | 17.6 | 18.1 | 4.7 | 19.0 | 6.3 | -0.1 | ||
| Change in credit to the private sector (as percent of total liquidity at beginning of period) | 6.7 | 27.6 | 11.1 | 51.5 | 9.3 | 5.4 | ||
| Foreign currency component of liquidity (In millions of U.S. dollars) | 3,009 | 3,070 | 3,854 | 4,067 | 6,061 | 5,938 | ||
SOLIDERE deposits are included as foreign currency deposits.
For March 1994, the data represent percentage changes from the stock at end of March the previous year.
Monetary Survey
(End-of-period stocks; in billions of Lebanese pounds)
| March | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | |||
| Total liquidity | 2,465.2 | 3,853.4 | 5,538.5 | 11,869.5 | 15,678.5 | 16,741.2 | ||
| Money | 287.2 | 449.9 | 689.5 | 1,199.4 | 1,143.4 | 1,203,8 | ||
| Currency | 192.4 | 333.0 | 484.7 | 798.0 | 714.7 | 762.5 | ||
| Demand deposits in domestic currency | 94.8 | 117.0 | 204.8 | 401.4 | 428.7 | 441.3 | ||
| Quasi money | 2,178.0 | 3,403.5 | 4,849.0 | 10,670.1 | 14,535.1 | 15,537.4 | ||
| Domestic currency time and savings deposits | 658.2 | 818.9 | 1,461.6 | 3,195.2 | 4,165.4 | 5,475.6 | ||
| Foreign currency deposits1 | 1,519.8 | 2,584.6 | 3,387.4 | 7,474.9 | 10,369.7 | 10,061.8 | ||
| Net foreign assets | 3,349.8 | 5,206.0 | 6,203.1 | 12,488.8 | 15,030.2 | 15,219.2 | ||
| Domestic claims | 1,480.1 | 2,608.8 | 3,213.5 | 7,117.8 | 8,970.2 | 9,807.6 | ||
| Net claims on public sector | 595.2 | 1,042.6 | 1,222.3 | 2,276.9 | 3,027.9 | 3,020.4 | ||
| Lebanese pounds | 678.5 | 1,200.1 | 1,348.3 | 2,485.2 | 3,437.1 | 3,444.1 | ||
| Foreign currency | -83.4 | -157.5 | -126.0 | -208.3 | -409.2 | -423.7 | ||
| Claims on private sector | 884.9 | 1,566.2 | 1,991.2 | 4,840.9 | 5,942.3 | 6,787.2 | ||
| Lebanese pounds | 181.9 | 276.2 | 363.5 | 473.0 | 675.9 | 728.7 | ||
| Foreign currency | 703.0 | 1,290.0 | 1,627.7 | 4,367.9 | 5,266.4 | 6,058.5 | ||
| Other items (net) | -2,364.7 | -3,961.4 | -3,878.1 | -7,737.1 | -8,321.9 | -8,285.6 | ||
| Of which: Exchange revaluation account of Bank of Lebanon | -2,109.5 | -3,429.0 | -3,227.8 | -6,252.5 | -6,630,3 | -6,469.0 | ||
| Memorandum items: | ||||||||
| Total liquidity (percent change)2 | 13.4 | 56.3 | 43.7 | 1 14.3 | 32.1 | 41.2 | ||
| Lebanese pound component of liquidity (as percent of total liquidity) | 38.3 | 32.9 | 38.8 | 37.0 | 33.9 | 39.9 | ||
| Change in net credit to the public sector (as percent of total liquidity at beginning of period) | 17.6 | 18.1 | 4.7 | 19.0 | 6.3 | -0.1 | ||
| Change in credit to the private sector (as percent of total liquidity at beginning of period) | 6.7 | 27.6 | 11.1 | 51.5 | 9.3 | 5.4 | ||
| Foreign currency component of liquidity (In millions of U.S. dollars) | 3,009 | 3,070 | 3,854 | 4,067 | 6,061 | 5,938 | ||
SOLIDERE deposits are included as foreign currency deposits.
For March 1994, the data represent percentage changes from the stock at end of March the previous year.
Factors Affecting Lebanese Pound Component of Domestic Liquidity
(In percent of Lebanese pound component of liquidity at beginning of period)
Factors Affecting Lebanese Pound Component of Domestic Liquidity
(In percent of Lebanese pound component of liquidity at beginning of period)
| March | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | |||
| Lebanese pound component of liquidity | 73.0 | 34.2 | 69.5 | 104.3 | 20,8 | 25.8 | ||
| Bank of Lebanon net foreign assets due to balance of payments | -3.9 | -22.0 | 41.6 | 18.4 | 18.1 | 43.0 | ||
| Net Lebanese pound claims on public sector | 71.1 | 55.2 | 11.7 | 52.9 | 21.7 | 0.1 | ||
| Of which: Bank of Lebanon | 25.3 | 43.0 | -36.2 | -27.2 | 1.9 | -21.9 | ||
| Commercial banks | 45.8 | 12.2 | 47.9 | 80.1 | 19.8 | 22.0 | ||
| Gross Lebanese pound claims on private sector | 13.7 | 10.0 | 6.9 | 5.1 | 4.6 | 1.0 | ||
| Other items (net) | -7.8 | -8.9 | 9.3 | 27.9 | -23.6 | -18.3 | ||
Factors Affecting Lebanese Pound Component of Domestic Liquidity
(In percent of Lebanese pound component of liquidity at beginning of period)
| March | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | |||
| Lebanese pound component of liquidity | 73.0 | 34.2 | 69.5 | 104.3 | 20,8 | 25.8 | ||
| Bank of Lebanon net foreign assets due to balance of payments | -3.9 | -22.0 | 41.6 | 18.4 | 18.1 | 43.0 | ||
| Net Lebanese pound claims on public sector | 71.1 | 55.2 | 11.7 | 52.9 | 21.7 | 0.1 | ||
| Of which: Bank of Lebanon | 25.3 | 43.0 | -36.2 | -27.2 | 1.9 | -21.9 | ||
| Commercial banks | 45.8 | 12.2 | 47.9 | 80.1 | 19.8 | 22.0 | ||
| Gross Lebanese pound claims on private sector | 13.7 | 10.0 | 6.9 | 5.1 | 4.6 | 1.0 | ||
| Other items (net) | -7.8 | -8.9 | 9.3 | 27.9 | -23.6 | -18.3 | ||
Distribution of Residents’ Monetary Assets
(In percent of total liquidity)
Distribution of Residents’ Monetary Assets
(In percent of total liquidity)
| March | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | |||
| Total liquidity | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | ||
| Money | 11.6 | 11.7 | 12.4 | 10.1 | 7.3 | 7.2 | ||
| Currency | 7.8 | 8.6 | 8.8 | 6.7 | 4.6 | 4.6 | ||
| Demand deposits in Lebanese pounds | 3.8 | 3.0 | 3.7 | 3.4 | 2.7 | 2.6 | ||
| Quasi money | 88.4 | 88.3 | 87.6 | 89.9 | 92.7 | 92.8 | ||
| Domestic currency time and savings deposits | 26.7 | 21.3 | 26.4 | 26.9 | 26.6 | 32.7 | ||
| Foreign currency deposits | 61.6 | 67.1 | 61.2 | 63.0 | 66.1 | 60.1 | ||
| Foreign currency demand deposits | 7.7 | 8.5 | 9.1 | 10.4 | 11.1 | 9.2 | ||
| Foreign currency time and savings deposits | 54.0 | 58.6 | 52.0 | 52.5 | 55.0 | 50.9 | ||
Distribution of Residents’ Monetary Assets
(In percent of total liquidity)
| March | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | |||
| Total liquidity | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | ||
| Money | 11.6 | 11.7 | 12.4 | 10.1 | 7.3 | 7.2 | ||
| Currency | 7.8 | 8.6 | 8.8 | 6.7 | 4.6 | 4.6 | ||
| Demand deposits in Lebanese pounds | 3.8 | 3.0 | 3.7 | 3.4 | 2.7 | 2.6 | ||
| Quasi money | 88.4 | 88.3 | 87.6 | 89.9 | 92.7 | 92.8 | ||
| Domestic currency time and savings deposits | 26.7 | 21.3 | 26.4 | 26.9 | 26.6 | 32.7 | ||
| Foreign currency deposits | 61.6 | 67.1 | 61.2 | 63.0 | 66.1 | 60.1 | ||
| Foreign currency demand deposits | 7.7 | 8.5 | 9.1 | 10.4 | 11.1 | 9.2 | ||
| Foreign currency time and savings deposits | 54.0 | 58.6 | 52.0 | 52.5 | 55.0 | 50.9 | ||
Commercial Banks’ Claims on Private Sector Classified by Economic Activity1
(In percent of Lebanese pound component of liquidity at beginning of period)
At end of period.
Commercial Banks’ Claims on Private Sector Classified by Economic Activity1
(In percent of Lebanese pound component of liquidity at beginning of period)
| 1989 | 1990 | 1991 | 1992 | 1993 | 1989 | 1993 | |||
|---|---|---|---|---|---|---|---|---|---|
| (In billions of Lebanese pounds) | (In percent of total) | ||||||||
| Agriculture | 11.6 | 16.7 | 28.2 | 60.5 | 74.9 | 1.3 | 1.3 | ||
| Industry | 97.5 | 154.8 | 182.7 | 418.2 | 530.0 | 11.1 | 9.0 | ||
| Construction | 72.3 | 134.1 | 186.3 | 398.0 | 533.4 | 8.2 | 9.0 | ||
| Trade and services | 431.4 | 799.4 | 1,038.8 | 2,553.8 | 3,164.7 | 49.2 | 53.7 | ||
| Of which: | |||||||||
| Foreign trade | 134.0 | 223.8 | 271.4 | 500.9 | 551.6 | 15.3 | 9.4 | ||
| Domestic trade | 215.0 | 428.5 | 604.6 | 1,533.7 | 1,992.2 | 24.5 | 33.8 | ||
| Other services | 57.6 | 100.7 | 99.8 | 321.3 | 457.3 | 6.6 | 7.8 | ||
| Consumer credit | 24.8 | 46.4 | 63.0 | 197.9 | 163.6 | 2.8 | 2.7 | ||
| Financial institutions | 29.9 | 40.4 | 36.3 | 55.2 | 50.1 | 3.4 | 0.9 | ||
| Other | 235.0 | 401.9 | 498.2 | 1,315.7 | 1,541.4 | 26.8 | 26.1 | ||
| Total | 877.7 | 1,547.3 | 1,970.5 | 4,801.4 | 5,894.5 | 100.0 | 100.0 | ||
At end of period.
Commercial Banks’ Claims on Private Sector Classified by Economic Activity1
(In percent of Lebanese pound component of liquidity at beginning of period)
| 1989 | 1990 | 1991 | 1992 | 1993 | 1989 | 1993 | |||
|---|---|---|---|---|---|---|---|---|---|
| (In billions of Lebanese pounds) | (In percent of total) | ||||||||
| Agriculture | 11.6 | 16.7 | 28.2 | 60.5 | 74.9 | 1.3 | 1.3 | ||
| Industry | 97.5 | 154.8 | 182.7 | 418.2 | 530.0 | 11.1 | 9.0 | ||
| Construction | 72.3 | 134.1 | 186.3 | 398.0 | 533.4 | 8.2 | 9.0 | ||
| Trade and services | 431.4 | 799.4 | 1,038.8 | 2,553.8 | 3,164.7 | 49.2 | 53.7 | ||
| Of which: | |||||||||
| Foreign trade | 134.0 | 223.8 | 271.4 | 500.9 | 551.6 | 15.3 | 9.4 | ||
| Domestic trade | 215.0 | 428.5 | 604.6 | 1,533.7 | 1,992.2 | 24.5 | 33.8 | ||
| Other services | 57.6 | 100.7 | 99.8 | 321.3 | 457.3 | 6.6 | 7.8 | ||
| Consumer credit | 24.8 | 46.4 | 63.0 | 197.9 | 163.6 | 2.8 | 2.7 | ||
| Financial institutions | 29.9 | 40.4 | 36.3 | 55.2 | 50.1 | 3.4 | 0.9 | ||
| Other | 235.0 | 401.9 | 498.2 | 1,315.7 | 1,541.4 | 26.8 | 26.1 | ||
| Total | 877.7 | 1,547.3 | 1,970.5 | 4,801.4 | 5,894.5 | 100.0 | 100.0 | ||
At end of period.
Discounts and Yields on Three-Month Treasury Bills
(End of period; in percent a year)
Discounts and Yields on Three-Month Treasury Bills
(End of period; in percent a year)
| Primary Market | Secondary Market | |||||
|---|---|---|---|---|---|---|
| Discount | Yield | Discount | Yield | |||
| 1989 | ||||||
| March | 18.00 | 18.84 | 18.00 | 18.84 | ||
| June | 18.00 | 18.84 | 18.00 | 18.84 | ||
| September | 18.00 | 18.84 | 18.00 | 18.84 | ||
| December | 18.00 | 18.84 | 18.00 | 18.84 | ||
| 1990 | ||||||
| March | 18.00 | 18.84 | 18.00 | 18.84 | ||
| June | 18.00 | 18.84 | 18.00 | 18.84 | ||
| September | 18.00 | 18.84 | 18.00 | 18.84 | ||
| December | 18.00 | 18.84 | 18.00 | 18.84 | ||
| 1991 | ||||||
| March | 19.00 | 19.94 | 19.00 | 19.94 | ||
| June | 17.50 | 18.30 | 17.50 | 18.30 | ||
| September | 16.00 | 16.61 | 16.00 | 16.61 | ||
| December | 14.50 | 15.04 | 14.50 | 15.04 | ||
| 1992 | ||||||
| March | 22.50 | 23.84 | 22.50 | 23.84 | ||
| June | 22.50 | 23.84 | 22.50 | 23.84 | ||
| September | 31.50 | 34.18 | 33.50 | 36.55 | ||
| December | 12.59 | 13.00 | 12.59 | 13.00 | ||
| 1993 | ||||||
| March | 19.96 | 21.01 | 19.96 | 21.01 | ||
| June | 17.67 | 18.48 | 17.67 | 18.48 | ||
| September | 17.28 | 18.06 | 17.28 | 18.06 | ||
| December | 16.51 | 17.22 | 16.51 | 17.22 | ||
| 1994 | ||||||
| March | 15.69 | 16.33 | 15.69 | 16.33 | ||
Discounts and Yields on Three-Month Treasury Bills
(End of period; in percent a year)
| Primary Market | Secondary Market | |||||
|---|---|---|---|---|---|---|
| Discount | Yield | Discount | Yield | |||
| 1989 | ||||||
| March | 18.00 | 18.84 | 18.00 | 18.84 | ||
| June | 18.00 | 18.84 | 18.00 | 18.84 | ||
| September | 18.00 | 18.84 | 18.00 | 18.84 | ||
| December | 18.00 | 18.84 | 18.00 | 18.84 | ||
| 1990 | ||||||
| March | 18.00 | 18.84 | 18.00 | 18.84 | ||
| June | 18.00 | 18.84 | 18.00 | 18.84 | ||
| September | 18.00 | 18.84 | 18.00 | 18.84 | ||
| December | 18.00 | 18.84 | 18.00 | 18.84 | ||
| 1991 | ||||||
| March | 19.00 | 19.94 | 19.00 | 19.94 | ||
| June | 17.50 | 18.30 | 17.50 | 18.30 | ||
| September | 16.00 | 16.61 | 16.00 | 16.61 | ||
| December | 14.50 | 15.04 | 14.50 | 15.04 | ||
| 1992 | ||||||
| March | 22.50 | 23.84 | 22.50 | 23.84 | ||
| June | 22.50 | 23.84 | 22.50 | 23.84 | ||
| September | 31.50 | 34.18 | 33.50 | 36.55 | ||
| December | 12.59 | 13.00 | 12.59 | 13.00 | ||
| 1993 | ||||||
| March | 19.96 | 21.01 | 19.96 | 21.01 | ||
| June | 17.67 | 18.48 | 17.67 | 18.48 | ||
| September | 17.28 | 18.06 | 17.28 | 18.06 | ||
| December | 16.51 | 17.22 | 16.51 | 17.22 | ||
| 1994 | ||||||
| March | 15.69 | 16.33 | 15.69 | 16.33 | ||
Commercial Bank Interest Rates on Lebanese Pound Transactions, 1989–941
(In percent)
End-of-period interest rates.
Weighted average.
Commercial Bank Interest Rates on Lebanese Pound Transactions, 1989–941
(In percent)
| Lending Rates2 | Deposit Rates2 | Interbank Rates on Call | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Discount and loans | Checking and current accounts | Savings at call | Term savings and deposits | Average rate | Lowest rate during the period | Highest rate during the period | End-of-period rate | ||
| 1989 | 39.43 | 5.01 | 11,77 | 16.38 | 14.51 | 5.00 | 20.00 | 10.00 | |
| 1990 | 39.39 | 4.55 | 11.47 | 16.96 | 15.14 | 15.00 | 90.00 | 25.00 | |
| 1991 | 31.54 | 3.74 | 11.83 | 15.37 | 13.81 | 9.50 | 12.00 | 12.00 | |
| 1992 | 27.45 | 1.50 | 8.34 | 14.26 | 11.48 | 3.00 | 5.00 | 5.00 | |
| 1993 | 29.29 | 1.88 | 10.43 | 16.10 | 13.18 | 6.00 | 6.00 | 6.00 | |
| 1993 | |||||||||
| March | 27.04 | 1.62 | 9.82 | 15.53 | 12.46 | 3.50 | 10.00 | 5.00 | |
| June | 28.74 | 1.42 | 9.85 | 15.68 | 12.82 | 4.00 | 6.00 | 5.00 | |
| September | 29.25 | 1.62 | 10.17 | 15.92 | 13.14 | 5.00 | 10.00 | 6.00 | |
| December | 29.29 | 1.88 | 10.43 | 16.10 | 13.18 | 6.00 | 6.00 | 6.00 | |
| 1994 | |||||||||
| March | 27.35 | 2.02 | 10.35 | 15.75 | 13.60 | 6.00 | 10.00 | 8.00 | |
End-of-period interest rates.
Weighted average.
Commercial Bank Interest Rates on Lebanese Pound Transactions, 1989–941
(In percent)
| Lending Rates2 | Deposit Rates2 | Interbank Rates on Call | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Discount and loans | Checking and current accounts | Savings at call | Term savings and deposits | Average rate | Lowest rate during the period | Highest rate during the period | End-of-period rate | ||
| 1989 | 39.43 | 5.01 | 11,77 | 16.38 | 14.51 | 5.00 | 20.00 | 10.00 | |
| 1990 | 39.39 | 4.55 | 11.47 | 16.96 | 15.14 | 15.00 | 90.00 | 25.00 | |
| 1991 | 31.54 | 3.74 | 11.83 | 15.37 | 13.81 | 9.50 | 12.00 | 12.00 | |
| 1992 | 27.45 | 1.50 | 8.34 | 14.26 | 11.48 | 3.00 | 5.00 | 5.00 | |
| 1993 | 29.29 | 1.88 | 10.43 | 16.10 | 13.18 | 6.00 | 6.00 | 6.00 | |
| 1993 | |||||||||
| March | 27.04 | 1.62 | 9.82 | 15.53 | 12.46 | 3.50 | 10.00 | 5.00 | |
| June | 28.74 | 1.42 | 9.85 | 15.68 | 12.82 | 4.00 | 6.00 | 5.00 | |
| September | 29.25 | 1.62 | 10.17 | 15.92 | 13.14 | 5.00 | 10.00 | 6.00 | |
| December | 29.29 | 1.88 | 10.43 | 16.10 | 13.18 | 6.00 | 6.00 | 6.00 | |
| 1994 | |||||||||
| March | 27.35 | 2.02 | 10.35 | 15.75 | 13.60 | 6.00 | 10.00 | 8.00 | |
End-of-period interest rates.
Weighted average.
Summary of the Balance of Payments
IMF, Direction of Trade Statistics. Figures for 1993 were estimated using data for January—November of that year.
Estimated by applying the average three-month Eurodollar rate, with appropriate margins, to the average in over each year.
Data on the flow of international bank lending to nonbank residents of Lebanon and on the flow of deposits by residents with international banks are obtained from International Financial Statistics, adjusted for variations in U.S. dollar/nondollar exchange rates. Estimates of interest payments and receipts relating to such international bank lending and deposit taking are derived by applying the average three-month Eurodollar rate, with appropriate margins, to the average stocks in each year.
Figures for 1989-92 are net of disbursements.
Includes valuation adjustments.
The authorities are in the process of revising external debt data for 1989–91
Summary of the Balance of Payments
| Estimates | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1989 | 1990 | 1991 | 1992 | 1993 | ||||||
| (In millions of U.S. dollars) | ||||||||||
| Current account | -785 | -1,351 | -2,935 | -3,053 | -3,417 | |||||
| Trade balance | -1,779 | -2,082 | -3,258 | -3,169 | -3,537 | |||||
| Exports, f.o.b1 | 484 | 496 | 490 | 601 | 686 | |||||
| Imports, f.o.b1 | -2,263 | -2,578 | -3,748 | -3,770 | -4,222 | |||||
| Services | 514 | 451 | 143 | -64 | -181 | |||||
| Factor | 725 | 694 | 478 | 263 | 197 | |||||
| Interest earnings of the Bank of Lebanon | 71 | 39 | 32 | 14 | 26 | |||||
| Commercial banks' investment income2 | 199 | 168 | 136 | 111 | 106 | |||||
| Nonbank investment income3 | 456 | 487 | 310 | 138 | 88 | |||||
| Interest on external public debt | … | … | … | … | -24 | |||||
| Nonfactor | -211 | -243 | -335 | -347 | -377 | |||||
| Insurance and freight | -226 | -258 | -375 | -377 | -422 | |||||
| Travel and transportation | 15 | 15 | 40 | 30 | 45 | |||||
| Private transfers | 480 | 280 | 180 | 200 | 300 | |||||
| Capital account | 476 | 920 | 4,009 | 3,107 | 4,587 | |||||
| Direct investment | … | … | … | … | 902 | |||||
| Of which: SOLIDERE | – | – | – | – | 252 | |||||
| External public debt disbursements | … | … | … | … | 126 | |||||
| Public sector grants | … | … | … | … | 30 | |||||
| Amortization on external public debt4 | -4 | – | – | -59 | -47 | |||||
| Nonbank short-term capital3 | -735 | -1,017 | 1,404 | 465 | 652 | |||||
| Claims on international banks | -833 | -1,087 | 1,692 | 490 | 601 | |||||
| Liabilities to international banks | 98 | 70 | -288 | -25 | 51 | |||||
| Other capital (including errors and omissions)5 | 1,215 | 1,937 | 2,605 | 2,700 | 2,924 | |||||
| Overall balance | -309 | -431 | 1,074 | 54 | 1,170 | |||||
| Net foreign reserves (- increase) | 309 | 431 | -1,074 | -54 | -1,170 | |||||
| Bank of Lebanon | 43 | 297 | -569 | -231 | -456 | |||||
| Commercial banks | 266 | 134 | -505 | 177 | -713 | |||||
| (In millions of U.S. dollars, unless otherwise indicated) | ||||||||||
| Memorandum items: | ||||||||||
| Current account balance/GDP (in percent) | -28.9 | -47.6 | -65.9 | -55.1 | -45.3 | |||||
| External public debt6 | 332.1 | 332.1 | 332.1 | 273.4 | 352.2 | |||||
| External public debt/GDP (in percent) | 12.2 | 11.7 | 7.5 | 4.9 | 4.7 | |||||
| Debt service | … | … | … | … | 71.2 | |||||
| Debt service/current receipts (in percent) | … | … | … | … | 5.3 | |||||
| Central bank foreign exchange reserves | 906.3 | 623.3 | 1,236.7 | 1,448.0 | 2,220.0 | |||||
| Central bank foreign exchange reserves (in months of imports) | 4.8 | 2.9 | 4.0 | 4.6 | 6.3 | |||||
IMF, Direction of Trade Statistics. Figures for 1993 were estimated using data for January—November of that year.
Estimated by applying the average three-month Eurodollar rate, with appropriate margins, to the average in over each year.
Data on the flow of international bank lending to nonbank residents of Lebanon and on the flow of deposits by residents with international banks are obtained from International Financial Statistics, adjusted for variations in U.S. dollar/nondollar exchange rates. Estimates of interest payments and receipts relating to such international bank lending and deposit taking are derived by applying the average three-month Eurodollar rate, with appropriate margins, to the average stocks in each year.
Figures for 1989-92 are net of disbursements.
Includes valuation adjustments.
The authorities are in the process of revising external debt data for 1989–91
Summary of the Balance of Payments
| Estimates | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1989 | 1990 | 1991 | 1992 | 1993 | ||||||
| (In millions of U.S. dollars) | ||||||||||
| Current account | -785 | -1,351 | -2,935 | -3,053 | -3,417 | |||||
| Trade balance | -1,779 | -2,082 | -3,258 | -3,169 | -3,537 | |||||
| Exports, f.o.b1 | 484 | 496 | 490 | 601 | 686 | |||||
| Imports, f.o.b1 | -2,263 | -2,578 | -3,748 | -3,770 | -4,222 | |||||
| Services | 514 | 451 | 143 | -64 | -181 | |||||
| Factor | 725 | 694 | 478 | 263 | 197 | |||||
| Interest earnings of the Bank of Lebanon | 71 | 39 | 32 | 14 | 26 | |||||
| Commercial banks' investment income2 | 199 | 168 | 136 | 111 | 106 | |||||
| Nonbank investment income3 | 456 | 487 | 310 | 138 | 88 | |||||
| Interest on external public debt | … | … | … | … | -24 | |||||
| Nonfactor | -211 | -243 | -335 | -347 | -377 | |||||
| Insurance and freight | -226 | -258 | -375 | -377 | -422 | |||||
| Travel and transportation | 15 | 15 | 40 | 30 | 45 | |||||
| Private transfers | 480 | 280 | 180 | 200 | 300 | |||||
| Capital account | 476 | 920 | 4,009 | 3,107 | 4,587 | |||||
| Direct investment | … | … | … | … | 902 | |||||
| Of which: SOLIDERE | – | – | – | – | 252 | |||||
| External public debt disbursements | … | … | … | … | 126 | |||||
| Public sector grants | … | … | … | … | 30 | |||||
| Amortization on external public debt4 | -4 | – | – | -59 | -47 | |||||
| Nonbank short-term capital3 | -735 | -1,017 | 1,404 | 465 | 652 | |||||
| Claims on international banks | -833 | -1,087 | 1,692 | 490 | 601 | |||||
| Liabilities to international banks | 98 | 70 | -288 | -25 | 51 | |||||
| Other capital (including errors and omissions)5 | 1,215 | 1,937 | 2,605 | 2,700 | 2,924 | |||||
| Overall balance | -309 | -431 | 1,074 | 54 | 1,170 | |||||
| Net foreign reserves (- increase) | 309 | 431 | -1,074 | -54 | -1,170 | |||||
| Bank of Lebanon | 43 | 297 | -569 | -231 | -456 | |||||
| Commercial banks | 266 | 134 | -505 | 177 | -713 | |||||
| (In millions of U.S. dollars, unless otherwise indicated) | ||||||||||
| Memorandum items: | ||||||||||
| Current account balance/GDP (in percent) | -28.9 | -47.6 | -65.9 | -55.1 | -45.3 | |||||
| External public debt6 | 332.1 | 332.1 | 332.1 | 273.4 | 352.2 | |||||
| External public debt/GDP (in percent) | 12.2 | 11.7 | 7.5 | 4.9 | 4.7 | |||||
| Debt service | … | … | … | … | 71.2 | |||||
| Debt service/current receipts (in percent) | … | … | … | … | 5.3 | |||||
| Central bank foreign exchange reserves | 906.3 | 623.3 | 1,236.7 | 1,448.0 | 2,220.0 | |||||
| Central bank foreign exchange reserves (in months of imports) | 4.8 | 2.9 | 4.0 | 4.6 | 6.3 | |||||
IMF, Direction of Trade Statistics. Figures for 1993 were estimated using data for January—November of that year.
Estimated by applying the average three-month Eurodollar rate, with appropriate margins, to the average in over each year.
Data on the flow of international bank lending to nonbank residents of Lebanon and on the flow of deposits by residents with international banks are obtained from International Financial Statistics, adjusted for variations in U.S. dollar/nondollar exchange rates. Estimates of interest payments and receipts relating to such international bank lending and deposit taking are derived by applying the average three-month Eurodollar rate, with appropriate margins, to the average stocks in each year.
Figures for 1989-92 are net of disbursements.
Includes valuation adjustments.
The authorities are in the process of revising external debt data for 1989–91
Composition of Industrial Exports
(In percent of total)
Composition of Industrial Exports
(In percent of total)
| 1989 | 1990 | 1991 | 1992 | 1993 | |
|---|---|---|---|---|---|
| Food and beverages | 11 | 10 | 13 | 6 | 21 |
| Textiles | 23 | 18 | 15 | 14 | 17 |
| Leather, plastics, and rubber | 3 | 4 | 3 | 3 | 5 |
| Wood and wood products | 4 | 1 | 1 | 1 | – |
| Chemicals and Pharmaceuticals | 10 | 13 | 17 | 35 | 9 |
| Paper and paper products | 7 | 9 | 10 | 6 | 5 |
| Stone, clay, and glass | 6 | 5 | 4 | 6 | 5 |
| Metal and metal products | 9 | 20 | 20 | 11 | 10 |
| Machinery and appliances | 10 | 9 | 8 | 8 | 18 |
| Jewelry | 16 | 6 | 6 | 3 | 9 |
| Other | 2 | 5 | 3 | 7 | 1 |
| Total | 100 | 100 | 100 | 100 | 100 |
Composition of Industrial Exports
(In percent of total)
| 1989 | 1990 | 1991 | 1992 | 1993 | |
|---|---|---|---|---|---|
| Food and beverages | 11 | 10 | 13 | 6 | 21 |
| Textiles | 23 | 18 | 15 | 14 | 17 |
| Leather, plastics, and rubber | 3 | 4 | 3 | 3 | 5 |
| Wood and wood products | 4 | 1 | 1 | 1 | – |
| Chemicals and Pharmaceuticals | 10 | 13 | 17 | 35 | 9 |
| Paper and paper products | 7 | 9 | 10 | 6 | 5 |
| Stone, clay, and glass | 6 | 5 | 4 | 6 | 5 |
| Metal and metal products | 9 | 20 | 20 | 11 | 10 |
| Machinery and appliances | 10 | 9 | 8 | 8 | 18 |
| Jewelry | 16 | 6 | 6 | 3 | 9 |
| Other | 2 | 5 | 3 | 7 | 1 |
| Total | 100 | 100 | 100 | 100 | 100 |
Destination of Exports
(In percent of total)
Destination of Exports
(In percent of total)
| 1989 | 1990 | 1991 | 1992 | 1993 | |||
|---|---|---|---|---|---|---|---|
| Industrial countries | 41.1 | 40.3 | 42.8 | 32.7 | 23.4 | ||
| France | 4.9 | 5.0 | 5.9 | 5.3 | 6.0 | ||
| Germany | 2.7 | 3.4 | 2.8 | 2.4 | 1.6 | ||
| Italy | 6.9 | 9.0 | 5.7 | 3.0 | 0.9 | ||
| Switzerland | 10.2 | 10.4 | 12.2 | 8.0 | 0.5 | ||
| United Kingdom | 3.4 | 2.1 | 2.8 | 2.9 | 3.8 | ||
| United States | 5.9 | 4.5 | 5.3 | 4.6 | 4.4 | ||
| Other | 7.1 | 5.9 | 8.1 | 6.4 | 6.2 | ||
| Developing countries | 58.9 | 59.7 | 57.2 | 67.3 | 76.6 | ||
| Africa | 4.3 | 4.6 | 5.2 | 5.1 | 4.9 | ||
| Europe | 2.0 | 4.4 | 7.4 | 6.8 | 14.6 | ||
| Middle East | 51.5 | 48.8 | 43.3 | 54.5 | 53.9 | ||
| Egypt | 2.5 | 2.7 | 3.5 | 3.2 | 2.5 | ||
| Jordan | 2.2 | 3.0 | 5.8 | 7.2 | 5.7 | ||
| Kuwait | 12.4 | 8.8 | – | – | 5.8 | ||
| Saudi Arabia | 18.6 | 16.7 | 15.2 | 21.8 | 13.4 | ||
| Syria | 1.2 | 3.1 | 5.2 | 6.3 | 11.7 | ||
| United Arab Emirates | 10.3 | 9.9 | 9.0 | 10.6 | 9.0 | ||
| Other | 4.2 | 4.6 | 4.7 | 5.4 | 5.8 | ||
| Other | 1.0 | 2.0 | 1.2 | 0.9 | 3.3 | ||
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | ||
Destination of Exports
(In percent of total)
| 1989 | 1990 | 1991 | 1992 | 1993 | |||
|---|---|---|---|---|---|---|---|
| Industrial countries | 41.1 | 40.3 | 42.8 | 32.7 | 23.4 | ||
| France | 4.9 | 5.0 | 5.9 | 5.3 | 6.0 | ||
| Germany | 2.7 | 3.4 | 2.8 | 2.4 | 1.6 | ||
| Italy | 6.9 | 9.0 | 5.7 | 3.0 | 0.9 | ||
| Switzerland | 10.2 | 10.4 | 12.2 | 8.0 | 0.5 | ||
| United Kingdom | 3.4 | 2.1 | 2.8 | 2.9 | 3.8 | ||
| United States | 5.9 | 4.5 | 5.3 | 4.6 | 4.4 | ||
| Other | 7.1 | 5.9 | 8.1 | 6.4 | 6.2 | ||
| Developing countries | 58.9 | 59.7 | 57.2 | 67.3 | 76.6 | ||
| Africa | 4.3 | 4.6 | 5.2 | 5.1 | 4.9 | ||
| Europe | 2.0 | 4.4 | 7.4 | 6.8 | 14.6 | ||
| Middle East | 51.5 | 48.8 | 43.3 | 54.5 | 53.9 | ||
| Egypt | 2.5 | 2.7 | 3.5 | 3.2 | 2.5 | ||
| Jordan | 2.2 | 3.0 | 5.8 | 7.2 | 5.7 | ||
| Kuwait | 12.4 | 8.8 | – | – | 5.8 | ||
| Saudi Arabia | 18.6 | 16.7 | 15.2 | 21.8 | 13.4 | ||
| Syria | 1.2 | 3.1 | 5.2 | 6.3 | 11.7 | ||
| United Arab Emirates | 10.3 | 9.9 | 9.0 | 10.6 | 9.0 | ||
| Other | 4.2 | 4.6 | 4.7 | 5.4 | 5.8 | ||
| Other | 1.0 | 2.0 | 1.2 | 0.9 | 3.3 | ||
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | ||
Source of Imports
(In percent of total)
Source of Imports
(In percent of total)
| 1989 | 1990 | 1991 | 1992 | 1993 | |||
|---|---|---|---|---|---|---|---|
| Industrial countries | 58.2 | 54.4 | 60.5 | 60.5 | 62.4 | ||
| Belgium-Luxembourg | 3.8 | 3.1 | 3.8 | 3.1 | 1.8 | ||
| France | 8.8 | 7.9 | 8.7 | 8.1 | 8.6 | ||
| Germany | 7.8 | 5.9 | 6.7 | 6.8 | 9.3 | ||
| Italy | 12.8 | 12.5 | 13.8 | 13.6 | 12.7 | ||
| Japan | 3.4 | 3.8 | 3.2 | 3.6 | 3.9 | ||
| Switzerland | 3.0 | 3.7 | 3.6 | 2.6 | 3.4 | ||
| United Kingdom | 3.9 | 4.1 | 4.5 | 4.2 | 4.3 | ||
| United States | 4.5 | 4.2 | 4.9 | 8.1 | 10.6 | ||
| Other | 10.1 | 9.1 | 11.2 | 10.5 | 7.8 | ||
| Developing countries | 41.8 | 45.6 | 39.5 | 39.5 | 37.6 | ||
| Africa | 0.4 | 0.5 | 0.5 | 0.5 | 0.9 | ||
| Europe | 16.7 | 15.3 | 11.5 | 11.3 | 14.5 | ||
| Cyprus | 3.3 | 4.0 | 3.6 | 3.2 | 0.4 | ||
| Romania | 3.1 | 3.8 | 1.7 | 3.0 | 1.5 | ||
| Turkey | 3.7 | 2.2 | 1.8 | 1.3 | 1.6 | ||
| Middle East | 12.1 | 16.6 | 14.7 | 14.3 | 10.3 | ||
| Bahrain | 1.0 | 1.0 | 0.7 | 0.7 | 0.1 | ||
| Kuwait | 2.1 | 1.1 | – | – | 0.2 | ||
| Saudi Arabia | 0.9 | 1.3 | 1.0 | 0.7 | 1.4 | ||
| Syria | 6.5 | 11.4 | 11.4 | 11.4 | 5.0 | ||
| Other | 1.7 | 1.9 | 1.5 | 1.5 | 3.6 | ||
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | ||
Source of Imports
(In percent of total)
| 1989 | 1990 | 1991 | 1992 | 1993 | |||
|---|---|---|---|---|---|---|---|
| Industrial countries | 58.2 | 54.4 | 60.5 | 60.5 | 62.4 | ||
| Belgium-Luxembourg | 3.8 | 3.1 | 3.8 | 3.1 | 1.8 | ||
| France | 8.8 | 7.9 | 8.7 | 8.1 | 8.6 | ||
| Germany | 7.8 | 5.9 | 6.7 | 6.8 | 9.3 | ||
| Italy | 12.8 | 12.5 | 13.8 | 13.6 | 12.7 | ||
| Japan | 3.4 | 3.8 | 3.2 | 3.6 | 3.9 | ||
| Switzerland | 3.0 | 3.7 | 3.6 | 2.6 | 3.4 | ||
| United Kingdom | 3.9 | 4.1 | 4.5 | 4.2 | 4.3 | ||
| United States | 4.5 | 4.2 | 4.9 | 8.1 | 10.6 | ||
| Other | 10.1 | 9.1 | 11.2 | 10.5 | 7.8 | ||
| Developing countries | 41.8 | 45.6 | 39.5 | 39.5 | 37.6 | ||
| Africa | 0.4 | 0.5 | 0.5 | 0.5 | 0.9 | ||
| Europe | 16.7 | 15.3 | 11.5 | 11.3 | 14.5 | ||
| Cyprus | 3.3 | 4.0 | 3.6 | 3.2 | 0.4 | ||
| Romania | 3.1 | 3.8 | 1.7 | 3.0 | 1.5 | ||
| Turkey | 3.7 | 2.2 | 1.8 | 1.3 | 1.6 | ||
| Middle East | 12.1 | 16.6 | 14.7 | 14.3 | 10.3 | ||
| Bahrain | 1.0 | 1.0 | 0.7 | 0.7 | 0.1 | ||
| Kuwait | 2.1 | 1.1 | – | – | 0.2 | ||
| Saudi Arabia | 0.9 | 1.3 | 1.0 | 0.7 | 1.4 | ||
| Syria | 6.5 | 11.4 | 11.4 | 11.4 | 5.0 | ||
| Other | 1.7 | 1.9 | 1.5 | 1.5 | 3.6 | ||
| Total | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | ||
Exchange Rate of the Lebanese Pound1
At end of period.
Exchange Rate of the Lebanese Pound1
| Exchange Rate | Change in U.S. Dollar/Lebanese Pound Rate over Previous Year | Exchange Rate | Change in SDR/Lebanese Pound Rate over Previous Year | ||
|---|---|---|---|---|---|
| (In Lebanese pounds per U.S. dollar) | (In percent) | (In Lebanese pounds per SDR) | (In percent) | ||
| 1989 | |||||
| March | 495.0 | -26.6 | 639.9 | -21.2 | |
| June | 510.2 | -30.8 | 636.0 | -27.3 | |
| September | 468.0 | -11.3 | 599.0 | -10.6 | |
| December | 505.0 | 5.0 | 663.7 | 7.5 | |
| 1990 | |||||
| March | 571.0 | -13.3 | 742.8 | -13.9 | |
| June | 664.0 | -23.2 | 879.1 | -27.7 | |
| September | 930.0 | -49.7 | 1,295.1 | -53.8 | |
| December | 842.0 | -40.0 | 1,197.9 | -44.6 | |
| 1991 | |||||
| March | 938.0 | -39.1 | 1,262.8 | -41.2 | |
| June | 904.5 | -26.6 | 1,189.0 | -26.1 | |
| September | 891.5 | 4.3 | 1,219.6 | 6.2 | |
| December | 879.0 | -4.2 | 1,257.3 | -4.7 | |
| 1992 | |||||
| March | 1,280.0 | -26.7 | 1,755.8 | -28.1 | |
| June | 1,705.0 | -47.0 | 2,440.1 | -51.3 | |
| September | 2,420.0 | -63.2 | 3,564.3 | -65.8 | |
| December | 1,838.0 | -52.2 | 2,527.3 | -50.2 | |
| 1993 | |||||
| March | 1,742.0 | -26.5 | 2,434.8 | -27.9 | |
| June | 1,731.0 | -1.5 | 2,429.6 | 0.4 | |
| September | 1,723.5 | 40.4 | 2,444.6 | 45.8 | |
| December | 1,711.0 | 7.4 | 2,350.2 | 7.5 | |
| 1994 | |||||
| March | 1,694.5 | 2.8 | 2,393.7 | 1.7 | |
At end of period.
Exchange Rate of the Lebanese Pound1
| Exchange Rate | Change in U.S. Dollar/Lebanese Pound Rate over Previous Year | Exchange Rate | Change in SDR/Lebanese Pound Rate over Previous Year | ||
|---|---|---|---|---|---|
| (In Lebanese pounds per U.S. dollar) | (In percent) | (In Lebanese pounds per SDR) | (In percent) | ||
| 1989 | |||||
| March | 495.0 | -26.6 | 639.9 | -21.2 | |
| June | 510.2 | -30.8 | 636.0 | -27.3 | |
| September | 468.0 | -11.3 | 599.0 | -10.6 | |
| December | 505.0 | 5.0 | 663.7 | 7.5 | |
| 1990 | |||||
| March | 571.0 | -13.3 | 742.8 | -13.9 | |
| June | 664.0 | -23.2 | 879.1 | -27.7 | |
| September | 930.0 | -49.7 | 1,295.1 | -53.8 | |
| December | 842.0 | -40.0 | 1,197.9 | -44.6 | |
| 1991 | |||||
| March | 938.0 | -39.1 | 1,262.8 | -41.2 | |
| June | 904.5 | -26.6 | 1,189.0 | -26.1 | |
| September | 891.5 | 4.3 | 1,219.6 | 6.2 | |
| December | 879.0 | -4.2 | 1,257.3 | -4.7 | |
| 1992 | |||||
| March | 1,280.0 | -26.7 | 1,755.8 | -28.1 | |
| June | 1,705.0 | -47.0 | 2,440.1 | -51.3 | |
| September | 2,420.0 | -63.2 | 3,564.3 | -65.8 | |
| December | 1,838.0 | -52.2 | 2,527.3 | -50.2 | |
| 1993 | |||||
| March | 1,742.0 | -26.5 | 2,434.8 | -27.9 | |
| June | 1,731.0 | -1.5 | 2,429.6 | 0.4 | |
| September | 1,723.5 | 40.4 | 2,444.6 | 45.8 | |
| December | 1,711.0 | 7.4 | 2,350.2 | 7.5 | |
| 1994 | |||||
| March | 1,694.5 | 2.8 | 2,393.7 | 1.7 | |
At end of period.
Nominal and Real Effective Exchange Rates of the Lebanese Pound
(Index, 1989 = 100; period averages)
Calculations based on U.S. dollars per Lebanese pound.
Nominal and Real Effective Exchange Rates of the Lebanese Pound
(Index, 1989 = 100; period averages)
| Nominal Effective Exchange Rate1 | Real Effective Exchange Rate1 | ||
|---|---|---|---|
| 1989 | |||
| March | 103.06 | 90.97 | |
| June | 101.42 | 103.74 | |
| September | 100.94 | 109.37 | |
| December | 100.77 | 108.52 | |
| 1990 | |||
| March | 84.16 | 107.52 | |
| June | 69.63 | 98.46 | |
| September | 40.92 | 95.77 | |
| December | 53.78 | 101.54 | |
| 1991 | |||
| March | 45.29 | 108.14 | |
| June | 52.73 | 121.75 | |
| September | 51.82 | 117.88 | |
| December | 49.74 | 118.18 | |
| 1992 | |||
| March | 38.89 | 142.39 | |
| June | 25.21 | 115.82 | |
| September | 16.58 | 114.90 | |
| December | 24.87 | 155.06 | |
| 1993 | |||
| March | 27.44 | 167.62 | |
| June | 27.14 | 165.63 | |
| September | 27.40 | 167.17 | |
| December | 28.67 | 189.10 | |
| 1994 | |||
| March | 28.53 | 190.85 | |
Calculations based on U.S. dollars per Lebanese pound.
Nominal and Real Effective Exchange Rates of the Lebanese Pound
(Index, 1989 = 100; period averages)
| Nominal Effective Exchange Rate1 | Real Effective Exchange Rate1 | ||
|---|---|---|---|
| 1989 | |||
| March | 103.06 | 90.97 | |
| June | 101.42 | 103.74 | |
| September | 100.94 | 109.37 | |
| December | 100.77 | 108.52 | |
| 1990 | |||
| March | 84.16 | 107.52 | |
| June | 69.63 | 98.46 | |
| September | 40.92 | 95.77 | |
| December | 53.78 | 101.54 | |
| 1991 | |||
| March | 45.29 | 108.14 | |
| June | 52.73 | 121.75 | |
| September | 51.82 | 117.88 | |
| December | 49.74 | 118.18 | |
| 1992 | |||
| March | 38.89 | 142.39 | |
| June | 25.21 | 115.82 | |
| September | 16.58 | 114.90 | |
| December | 24.87 | 155.06 | |
| 1993 | |||
| March | 27.44 | 167.62 | |
| June | 27.14 | 165.63 | |
| September | 27.40 | 167.17 | |
| December | 28.67 | 189.10 | |
| 1994 | |||
| March | 28.53 | 190.85 | |
Calculations based on U.S. dollars per Lebanese pound.
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