Complex Made Simple

Central Bank of Lebanon’s foreign assets see decline

Demand for lira is maintaining prices at the same level they were at last week

The US dollar exchange rate settled in banks at a rate from LBP1.508 to LBP1.512, with the average price of LBP1.510.

This means that the demand for the lira is maintaining the prices in the Lebanese market in the week ending October 16, 2015 at the same level they were at last week, reports UAE-based Aliqtisadi.

Foreign assets at the Central Bank of Lebanon, excluding gold, dropped by a monthly rate of 0.89 per cent to a record $38.25 billion at the end of September.

The dollarisation of the private sector deposits in Lebanese banks declined to a record 64.96 per cent at the end of August compared with 65.71 per cent at the end of December 2014.

The value of the lira against the euro dropped this week, as the exchange rate rose by 0.34 per cent to EUR1,706.94/ LBP last week and EUR1,712.67/LBP, at the end of this week.

The price of gold improved this week by 2.26 per cent to $1,179.96 an ounce. This progress comes as a result of changes in the performance of the dollar during the week, and doubts about the future of the economy of the United States.

(LBP1 = AED0.0024, at the time of publishing)