lebanese Forex Market
The Lebanese Pound steadied this week 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 $40.88B by the end of November 2018.
The dollarization ratio of private sector deposits rose from 68.72% in December 2017 to 69.51% in October 2018.
Over the week, the Euro appreciated against the dollar-pegged LP, ending the week at €/LBP 1,722.77 compared to €/LBP. 1,697.55 last weeks’
In turn, the Nominal Effective Exchange Rate (NEER) of the LBP declined by 0.52 % during the week, to 118.13 points by December 21, 2018.
International Forex Market
The Euro appreciated against the dollar this week. The currency pair went from last week’s €/USD 1.1261 to 1.1428 €/USD. In fact , the US third-quarter GDP growth was 3.4% versus 3.5 % as expected .
Gold prices rose over the week, going from $1,238.11/ounce last week, to $1,258.87/ounce by the week ending Dec. 21 , 2018.