Demand for the Lebanese Pound steadied during the period extending from 25/09/2017 to 29/09/2017 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.
Lebanese Forex Market
Foreign assets (excluding gold) at the Central Bank reached $42.87B in August 2017 compared to $40.71B in December 2016.
The dollarization ratio of private sector deposits rose from 65.82% in December 2016 to 66.88% by the end of July 2017.
By Friday September 29, the euro depreciated against the dollar-pegged LP going from €/LBP 1,807.49 on the 22nd of Sept. to €/LBP 1,777.49, this week.
As for the Nominal Effective Exchange Rate (NEER) of the LBP, it rose by 0.76% over the past week to stand at 111.56 points.
International Forex Market:
The Euro depreciated against the dollar this week as protests erupted in Germany as a result of Merkel winning the elections. As such, the Euro/Dollar rate stood at 1.1791 dollar this week, compared to 1.1990 dollar last week.
Gold prices fell from $1,294.91/ounce to $1,283.55/ounce, this week.