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 $41.40B at the end of February 2017 compared to $37.17B in the same period last year.
The dollarization ratio of private sector deposits rose from 64.67% in January 2016 to 65.84% in January 2017.
By Friday March 31st, 2017, the euro depreciated against the dollar-pegged LP going from €/LBP 1,629.31 on March 24th to €/LBP 1,612.12, this week.
As for the Nominal Effective Exchange Rate (NEER) of the LBP, it increased by 0.49% over the past week to stand at 116.95 points.
International Forex Market:
The euro/dollar dropped by 1.06% to €/$ 1.0694 over the past week with no indications that the European Central Bank is likely to move away from its monetary easing policy.
Over the week, in line with the stronger dollar, gold prices fell from $1,245.73/ounce last week to $1,242.01/ounce this week.