BEIRUT: The Lebanese pound was little changed Wednesday, trading at LL17,250 to the dollar on the black market.

Dealers said they were selling the dollar for LL17,300 and buying it for LL17,200. The pound hit a record low of 17,950 to the dollar Saturday.

The national currency has been in free fall as the impact of a political paralysis alongside the lifting of subsidies on essential goods has fueled a climate of instability in the country. The population has been facing drastic shortages of fuel, medicine and other essential items with no clear respite in sight.

The Energy Ministry Tuesday raised fuel prices after the government agreed last week to effectively reduce fuel subsidies, a move aimed at alleviating crippling shortages but which will increase the pressure on impoverished consumers.

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