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Banque Du Liban: Total deposits increase by LBP211 billion

Dollarisation of money supply advanced from 57.80 per cent on October 1 to 57.83 per cent on October 8

Lebanon’s Money Supply (M3) declined by LBP16 billion during the week ending October 8, 2015, to reach LBP183.196bn, up by 5.12 per cent compared to same period last year.

Total deposits, with the exception of under demand deposits, witnessed a growth of LBP211bn during the same week as a result of an increase in foreign currency deposits by $28 million and in deposits in Lebanese pounds by LBP168bn, reports UAE-based Aliqtisadi.

At the same time, Money Supply (M1), edged down by LBP227bn, due to the decline in under demand deposits by LBP200bn and the contraction in cash in circulation by LBP27bn.

Thus, the dollarisation of money supply advanced from 57.80 per cent on October 1 to 57.83 per cent on October 8, while the interbank rate stabilised by the end of August 2015, at 2.75 per cent, according to Banque Du Liban.

It is worth mentioning that the Money Supply (M3) rose by LBP551bn, during the week ending September 24, 2015 to reach LBP183.968bn.

($1 = AED3.67, LBP1 = AED0.0024 at the time of publishing)