| 29/04/2022 | 22/04/2022 | %Change | YTD | |
| Euro / LP | 1,586.71 | 1,623.41 | -2.26% | -7.14% |
| Euro / Dollar | 1.0525 | 1.0769 | -2.26% | -7.13% |
| NEER Index | 159.57 | 157.52 | 1.30% | 6.47%
|
Lebanese Forex Market
To-date, the Lebanese Pound (LBP) remained steady within the official range of USD/LBP 1,514 to 1,514.5, with a mid- price of USD/LBP 1,514.25 by the end of April, 2022.
This week, the Lebanese lira has depreciated against the dollar in the parallel market and recorded approximately 27,500 LBP/USD. It seems, that the 161 Circular has finally showed its weakness, as BDL is incapable to maintain a stable Fx rate, with the depletion of its foreign reserves.
In turn, the dollarization ratio for private sector deposits decreased from 79.29% in January 2022 to 79.05% in February 2022.
As for the Euro/LBP currency pair, the Euro depreciated against the dollar-pegged LBP with the currency pair going from last week €/LBP 1,623.41 to €/LBP 1,586.71 by April 29, 2022. Moreover, the Nominal Effective Exchange Rate (NEER) of the Lebanese pound slightly increased weekly by 1.30% to stand at 159.57 points on April 29, 2022.
International Forex Market
The Euro/USD depreciated against the dollar from last week from €/USD 1.0769 to €/USD 1.0525 by April 29, 2022. This Week, Russia cuts off gas supplies to Bulgaria and Poland for rejecting to pay their bills in rubles. While the greenback has took advantage of a weaker Europe to record five-year high in front of Euro.
Commodities
Gold price slightly increased by 0.93% at the end of this week to $1,911.75/ounce as the war between Ukraine and Russia will keep the price of gold above $1900/ounce. With a strong Greenback, we are witnessing an unusual positive correlation between the US dollar and the gold price.
Crude oil prices increased at the end of this week by 2.69% to $109.52/Barrel. The volatility in the energy markets remains high and unpredictable amid the geopolitical tensions.