Lebanese Forex Market
The Lebanese Pound steadied within the range of $/LP 1,514-1,514.5 against the dollar with a mid-price of $/LP 1,514.25.
The peg continues to be supported by the Central Bank’s solid foreign assets, which reached $43.52 billion (B) in September 2018.
The dollarization ratio of private sector deposits rose marginally, from 68.72% in December 2017 to 68.80% by August 2018.
Over the past week, the Euro weakened against the dollar-pegged LP, as it went from €/LBP 1,746.74 last week to €/LBP 1,725.64 this week.
As for the Nominal Effective Exchange Rate (NEER) of the LBP, it rose by a weekly 0.03% to stand at 118.44 points.
International Forex Market
The dollar weakened this week against the euro, as the €/$ exchange rate fell by 1.21% from €/$ 1.1587 to €/$ 1.1447. The euro declined during the week after the European Commission said Italy’s 2019 budget draft is in serious breach of EU budget rules.
Gold prices increased over the week from $1,224.06 per ounce last week to $1229.05/ounce this week.