ECB Interest Rate Cut Still Weighing on the Euro

At 16:14 Beirut time, the Euro was quoted at €/$ 1.1106, the equivalent of €/LBP 1,674.23, depreciating by 0.40% against the US Dollar. Even after data showed that the Eurozone’s industrial sector had its best month in January in over six years, the cut in interest rates by the European Central Bank (ECB) still pulled the euro down against the dollar.

Locally, the Dollar depreciated against the Lebanese Pound from $/LP 1,514-1,514.5 with a mid-price of $/LP 1,514.25 to a quote of $/LP 1,513.75-1,514.25 with a mid-price of $/LP 1,514.

Compared to the pool of currencies of Lebanon’s major trading partners, the purchasing power of the Lebanese Pound appreciated as reflected by the NEER, published by BLOMINVEST, which registered a 0.21% uptick to 167.81 points today.

Date: 14 March 2016





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