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Lebanese pound slips again on black market

FILE PHOTO: U.S. One dollar banknotes are seen in front of displayed stock graph in this illustration taken, February 8, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

BEIRUT: The Lebanese pound fell again on the black market Wednesday, trading at 15,150 to the dollar, exchange dealers said.

Dealers said they were buying the dollar for LL15,100 and selling it for LL15,200, compared to LL14,700-14,800 Tuesday.

The pound had made large gains this month, buoyed by the formation of a new government after 13 months of political paralysis and economic meltdown. It surged from around 19,000 to the dollar to 13,000.

But the rally stalled in recent days and the pound continued to slip as demand increased for the greenback from importers who are no longer able to secure dollars from the Central Bank. The authorities have largely ended subsidies as foreign currency reserves dwindled, causing severe shortages of essential goods like fuel and medicines.

 

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