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Lebanese pound falls for third day in a row

Lebanese pounds and dollars are seen at an exchange shop in Beirut, April 24, 2020. (The Daily Star/Mohamad Azakir)

BEIRUT: The Lebanese pound fell for a third consecutive day Thursday, trading at 16,400 to the dollar on the black market, exchange dealers said.

Dealers said they were buying the greenback for LL16,350 and selling it for LL16,450 on Thursday, a fall of over LL1,000 since Wednesday morning.

The pound had gained since a government was formed two weeks ago, ending 13 months of political paralysis and raising hopes that a bailout deal could be agreed between Lebanon and international partners.

But the currency slumped over recent days, with the foreign currency reserves of Central Bank having all but run out. On Wednesday international media and data company Bloomberg said that Lebanon's inflation was the highest globally as the economic crisis worsens. The pound has lost 90 percent of its value since 2019, leading to shortages of fuel, food, and medicine, while pushing over 70 percent of the population into poverty.

 

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