Today’s exchange rate between the Lebanese pound and the U.S. dollar is 1,500 pounds per dollar and the central bank of Lebanon is buying U.S. dollars in the foreign exchange market.

If the central bank of Lebanon did not purchase U.S. dollars, would there be excess demand or excess supply of U.S. dollars in the foreign exchange market? Would the exchange rate remain at 1,500 pounds per U.S. dollar? If not, which currency would appreciate?