Figures released by Banque du Liban indicate that the value of letters of credit (LCs) opened to finance imports to Lebanon totaled $4.9bn in the first nine months of 2018, constituting an increase of 11.8% from $4.4bn in the same period of 2017. Further, utilized credits for imports reached $4.4bn in the first nine months of the year, down by 5.9% from $4.6bn in the same period of 2017, and accounted for 88.4% of opened LCs for imports in the first nine months of 2018. Also, outstanding import credits stood at $1.13bn at the end of September 2018 compared to $1.04bn at end-September 2017. In addition, the aggregate value of inward bills for collection reached $771.4m in the first nine months of the year, constituting a decline of 26.7% from $1.05bn in the first nine months of 2017. The outstanding value of inward bills for collection reached $56.8m at the end of September 2018 relative to $70.4m at end-September 2017.

In parallel, the value of documentary letters of credit opened to finance exports from Lebanon reached $2.6bn in the first nine months of 2018, up by 2.8% from $2.52bn in the same period of 2017. Further, utilized credits for exports reached $2.05bn in the covered period, up by 1.4% from $2bn of used credits in the first nine months of 2017, and accounted for 79% of opened LCs for exports in the first nine months of 2018. Also, outstanding export credits stood at $1.1bn at the end of September 2018 compared to $890.1m at end-September 2017. In addition, the aggregate value of outward bills for collection amounted to $1.07bn in the first nine months of the year, constituting an increase of 6.3% from $1bn in the same period of 2017. The outstanding value of outward bills for collection reached $405.5m at the end of September 2018 relative to $402.8m at end-September 2017.