Dollar Down on Fed’s Statement this week

Lebanese Forex Market 

Demand for the Lebanese Pound increased over the past week on the Lebanese forex market with the value of the Lebanese Pound trading within the range of $/LP 1,513.5-1,514 with a mid-price of $/LP 1,513.75 compared to last week’s 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 66.58% by the end of May 2017.

By Friday July 28th, the euro appreciated against the dollar-pegged LP going from €/LBP 1,756.24  on the 21st of July to €/LBP 1,765.58, this week.

As for the Nominal Effective Exchange Rate (NEER) of the LBP, it dropped by 0.16% over the past week to stand at 112.27 points.

International Forex Market:

The Euro continued to rise this week against the dollar increasing by 0.53% to €/$ 1.1712. In fact, the dollar was negatively impacted this past week as the Fed kept interest rates unchanged.


With a weaker dollar, gold prices rose from $1,247.99/ounce to $1,258.01/ounce, this week.


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