By the end of July 2026, Lebanese depositors had written 76,180 checks in fresh US dollars worth a combined $960.7 million, according to figures published by the Association of Banks in Lebanon (ABL). Another 28,258 fresh checks were issued in Lebanese pounds, carrying a total value of LBP 41,719 billion. Together, the two currencies bring the cumulative count of fresh checks to 104,438 since the system was launched.
In July alone, 19,566 fresh checks cleared. The pace shows that a payment tool many Lebanese had written off after 2019 is slowly finding its way back into daily business, at least for money that entered the banking system after the crisis.
Where Fresh Checks Come From
Banque du Liban (BDL) opened the door to fresh checks through Circular 165, which took effect on June 1, 2023. Under the circular, depositors can pay by check as long as the funds sit in either fresh US dollar accounts or Lebanese pound accounts. Fresh dollars refers to money deposited after the crisis, which is not subject to the withdrawal limits applied to pre-crisis deposits.
To make this work, BDL set up a separate clearing system that runs alongside the older one still handling pre-crisis, or "lollar," checks. The aim was twofold: give people a reason to open new accounts in both currencies, and chip away at the cash economy that took over Lebanon after banks froze deposits. Nearly 73% of all fresh checks issued so far have been in dollars, which tracks with how heavily the country's post-crisis economy runs on the greenback.
Old-System Checks Keep Shrinking
The picture in the legacy clearing system is very different. The total number of cleared checks fell 35.36% year on year to 42,264 by July 2026. Checks in Lebanese pounds dropped 34.76% to 40,590, while foreign currency checks fell 47.09% to 1,674. As a result, the share of checks written in foreign currency slid from 4.84% in July 2025 to 3.96% in July 2026.
Value tells a mixed story. The cumulative value of cleared checks in local currency rose 7.31% to LBP 37,157 billion, even as the number of checks fell. Fewer checks carrying more pounds each is a direct effect of exchange rate depreciation: the same purchase now needs a much larger LBP figure written on the check. Foreign currency checks, meanwhile, lost 38.08% in value year on year to settle at $265 million.
Fewer Bounced Checks, but Bigger Ones in Pounds
Returned checks dropped 42.78% to 206 by July 2026. The value behind those returns moved in opposite directions depending on the currency. Returned checks in Lebanese pounds jumped 78.61% to LBP 309 billion, again reflecting the higher pound denominations now in circulation. Returned checks in foreign currency fell 86.22% to $12.15 million.
Taken together, the two systems show a payment landscape splitting in two. The legacy pool of pre-crisis money is being drawn down check by check, while a smaller but growing fresh-money system, now worth just under $1 billion in cumulative dollar checks, is building the base for whatever Lebanese banking looks like next.
