Euro Depreciates against Dollar in the Past week

Lebanese Forex Market

Demand for the Lebanese Pound stabilized over the past week on the Lebanese Forex market with the value of the Lebanese Pound trading within the range of $/LP 1,514-1,514.5 with a mid-price of $/LP 1,514.25.

Foreign assets (excluding gold) at the Central Bank reached $41.06B in June 2017 compared to $40.71B in December 2016.

The dollarization ratio of private sector deposits rose from 65.82% in December 2016 to 66.38% by the end of April 2017.

By Friday July 14, the euro depreciated against the dollar-pegged LP going from €/LBP 1,722 on the 7th of July to €/LBP 1,720.06, this week.

As for the Nominal Effective Exchange Rate (NEER) of the LBP, it dropped by 0.22% over the past week to stand at 113.61 points.

International Forex Market:

The dollar appreciated during the past week as the Federal Reserve stated that interest rates’ increases would be gradual. Over, the same period, the euro slightly depreciated against the dollar falling by 0.11% to €/$ 1.141.

Commodities:

Gold prices rose from $1,221.16/ounce to $1,221.7/ounce, this week.

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