Lebanese Forex Market
Demand for the Lebanese Pound steadied over the past week on the Lebanese forex market with the value of the Lebanese Pound trading within the range of $/LP 1,513.75-1,514.25 with a mid-price of $/LP 1,514.
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 66.71% by the end of June 2017.
By Friday August 11th, the euro depreciated against the dollar-pegged LP going from €/LBP 1,791.36 on the 4th of August to €/LBP 1,772.22, this week.
As for the Nominal Effective Exchange Rate (NEER) of the LBP, it rose by 0.31% over the past week to stand at 112.02 points.
International Forex Market:
The Dollar strengthened this week as U.S. job openings reached to a record high in June. The number of openings was at 6.2 million on the last day of June, compared to 5.7 million on the last business day of May.
Commodities:
Gold prices rose from $1,268.80/ounce to $1288.32/ounce, this week.