Lebanese Forex Market:
Demand for the Dollar in the Lebanese Forex Market stagnated over the 2-week festive period, illustrated by Lebanese Pound steadying at a quote of $/LP 1,510-1,514 with a mid-price of $/LP 1,512.
Foreign assets (excluding gold) of the Central Bank rose by a monthly 0.20% to $37.81B at the end of November 2015. As for the dollarization rate of private sector deposits, it slid from 65.71% in December 2014 to 64.57% by October this year.
By Thursday 31th of December, 2015, 15:30 pm Beirut time, the dollar-pegged LP depreciated against the euro as the exchange rate increased by a 0.92%, over the last two weeks, from €/LP 1,631.57 to €/LP 1,646.56 . As for the Nominal effective exchange Rate (NEER), it increased by a weekly 3.86% to 181.39 points.
International Forex Market:
The euro appreciated against the dollar, ticking up by 0.92% to €/$ 1.0922. It might be that the Euro is witnessing a recovery, following the Fed’s decision to increase interest rates.
The weak demand for the dollar pushed investors towards gold. The price of gold increased from $1,059.81/ounce two weeks ago to $1,061.88/ounce.