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. 21st, 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 1,758.27 last week to €/LBP 1,769.87 this week.
As for the Nominal Effective Exchange Rate (NEER) of the LBP, it slipped by a weekly 0.16% to stand at 118.22 points.
International Forex Market
The euro appreciated by 0.66% against the dollar, closing the week ending Sept 21th at 1.1740. In fact , the dollar slipped to a three-month low against a basket of major trading partners as easing worries on trade wars between US and China reduced demand for dollar.
Gold prices declined over the week from $1,202.1 /ounce last week to $1,193.0/ounce this week.