Lebanese Forex Market:
Demand for the Lebanese Pound increased this week as the exchange rate went from 1,510.5-1,514.5 with a mid-price of $/LP 1,512.5 to $/LP 1,510-1,514 with a mid-price of $/LP 1,512.
Foreign assets (excluding gold) of the Central Bank rose by a monthly 0.20% to $37.81B at the end of November 2015. As for the dollarization rate of private sector deposits, it slid from 65.71% in December 2014 to 64.62% by September this year.
By Friday 18th of December, 2015, 15:30 pm Beirut time, the dollar-pegged LP appreciated against the euro as the exchange rate declined by a weekly 1.12% from €/LP 1,650.11 to €/LP 1,631.57 . As for the Nominal effective exchange Rate (NEER), it increased by a weekly 3.22% to 174.64 points.
International Forex Market:
The euro depreciated against the dollar dropping 1.12% to €/$ 1.0823, after the US Federal Reserve increased interest rates by 25 basis points.
The strong demand for the dollar pushed investors away from gold. The price of gold declined from last week’s $1,064/ounce to $1,059.81/ounce.