Lebanese Forex Market
Demand for the Lebanese Pound stabilized over the past 2 weeks 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 $40.71B in December 2016.
The dollarization ratio of private sector deposits rose from 65.82% in December 2016 to 66.38% by the end of April 2017.
By Friday July 7, the euro appreciated against the dollar-pegged LP going from €/LBP 1,684.03 on June 23 to €/LBP 1,722, this week.
As for the Nominal Effective Exchange Rate (NEER) of the LBP, it fell by 0.70% over the past week to stand at 113.86 points.
International Forex Market:
The euro strengthened during the past 2 weeks as the European Central Bank policymakers stated that they are open to take further steps toward reducing their monetary stimulus. Over, the same period, the euro appreciated against the dollar rising by 2.25% to €/$ 1.1423.
Commodities:
Gold prices dropped during the past 2 weeks from $1,256.65/ounce to $1,221.16/ounce, this week.