Euro Depreciated this Week after Release of U.K. referendum results

Lebanese Forex Market:

Demand for the Dollar in the Lebanese Forex Market remained the same over the past week as the value of the dollar steadied at $/LP 1,513.75-1,514.25 with a mid-price of $/LP 1,514.

Foreign assets (excluding gold) of the Central Bank increased 0.59% since the beginning of the year to $37.31B by May 2016. The dollarization ratio of private sector deposits fell from 64.88% in December 2015 to 64.73% in May 2016.

By Friday 24th of June, 2016, 3:00 pm Beirut time, the euro depreciated against the dollar-pegged LP as the exchange rate decreased by 1.22%, over the last week, dropping from €/LP 1,696.39 to €/LP1,675.74. As for the Nominal Effective Exchange Rate (NEER), it increased by a weekly 0.74% to 167.63 points.

International Forex Market:

After the release of U.K. referendum results indicating support for the country to leave the European Union and after the resignation of Britain’s Prime Minister, David Cameron, the euro depreciated by 1.22% from last week’s value to €/$1.1116.


As for gold, its price increased from $1,287.90/ounce last Friday to $1,319.00 this week.

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