At 12:24 am Beirut time, the Euro was quoted at €/$ 1.1358, the equivalent of €/LBP 1,712.22, depreciating by 0.30% against the US Dollar.
The European Central Bank Chief, Mario Draghi’s statement today hinted that getting inflation up to the target will be rendered slower if monetary policy efforts will not be joined by fiscal policy efforts and much needed structural reforms. In May, the euro-area inflation rate stood at -0.1%, far from the ECB’s target of having inflation close to but below 2%.
Locally, the Dollar appreciated against the Lebanese Pound with the exchange rate moving from $/LP 1,513-1,514 with a mid-price of $/LP 1,513.5 to $/LP 1,513.5-1,514.5 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 depreciated as reflected by the NEER, published by BLOMINVEST, which witnessed a 0.07% downtick to 165.83 points today.
Date: 09 June 2016