Lebanese Forex Market
The Lebanese Pound traded within the range of $/LP 1,514-1,514.5 against the dollar with a mid-price of $/LP 1,514.25 by the week ending Sept. 14th, unchanged from last week’s range.
The peg continues to be supported by the Central Bank’s solid foreign assets, which reached $43.56 billion (B) in August 2018.
The dollarization ratio of private sector deposits slightly slid from 68.72% in December 2017 to 68.51% in July 2018.
Over the past week, the Euro appreciated against the dollar-pegged LP going from €/LBP 1,750.18 last week to €/LBP 1,758.27 this week.
As for the Nominal Effective Exchange Rate (NEER) of the LBP, it slipped by a weekly 0.82% to stand at 118.41 points.
International Forex Market
The euro appreciated by 0.46% against the dollar, closing the week ending Sept 14th at 1.1663. This is partly attributed to a weaker dollar which came as a result of the US inflation measure rising only by 0.2% in August, compared to market expectations of 0.3%. Pressures on the euro were also eased as traders expected talks between the USA and China to reduce the new trade friction.
Gold prices rose over the week from $1,201.02/ounce last week to $1,202.1 this week.