Lebanese Forex Market
Demand for the dollar on the Lebanese forex market stabilized at $/LP 1,514.25 within the range $/LP 1,514 – 1,514.5.
Foreign assets (excluding gold) at the Central Bank reached $40.04B at the end of January 2017 compared to $37.02B in the same period last year.
The dollarization ratio of private sector deposits rose from 64.67% in January 2016 to 65.84% in January 2017.
By Friday March 10, 2017, the euro appreciated against the dollar-pegged LP going from €/LBP 1,585.59 on March 3 to €/LBP 1,599.91, this week.
As for the Nominal Effective Exchange Rate (NEER) of the LBP, it increased by 0.42% over the past week to stand at 117.92 points.
International Forex Market:
The euro/dollar rose by 0.90% to €/$ 1.0613 over the past week, this can be linked to ECB’s President Mario Draghi’s comments that suggested an improving Eurozone economy and that the bank will be less inclined to provide additional stimulus
Over the week, gold prices dropped from $1,226.85 on March 3rd to $1,197.29 this week.