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.





Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)

comments powered by Disqus



Interested in knowing more about this story?

Click here