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1n millions balance of payments balance sheet Bank of Lebanon Banque du Liban Beirut bills in circulation borrowing claims Code of Money commercial banks constant prices currency credit currency in circulation deﬁned Demand deposits deposits in pounds depreciation Deutsche mark dollar economic activity end of period exchange rate expenditure fell ﬁgure ﬁnal quarter ﬁnanced ﬁrst quarter ﬂuctuations foreign assets foreign currency deposits foreign exchange markets gold and foreign Graph increase inﬂation interest rates Japanese yen June Dec Lebanese pound loans million at end-1983 million in 1983 million in December millions of pounds Ministry monetary base Money and Credit money supply nominal rate non-residents number in thousands outﬂows private sector public sector quasi-money reach L L reﬂected reserves rise rose by L L SDRs second half sector deposits Sept share slightly third quarter Total deposits Treasury bills valuation adjustments X+2 X+2 X+2