BEIRUT: The Lebanese pound remained stable against the dollar Tuesday, trading at around LL8,350 on the black market.

The pound remained stable into the new week, with black market exchangers were selling the dollar for LL8,400 and buying it for around LL8,300, unchanged from Monday.

The price of the dollar to the Lebanese pound has been hovering between LL8,000 and LL8,500 in the past month as leaders struggled to form a new government.

The process came to a standstill last week and isn't expected to be picked up until after the New Year.

Meanwhile, the economy is in a freefall and people are anxious about what 2021 will bring. First on the agenda, besides the government formation is the removal of subsidies from essential goods as the Central Bank's foreign reserves are depleted. Inflation rates and the exchange rate are expected to sky-rocket if sound policies aren't enacted, in addition to a deal with the International Monetary Fund for a bailout.

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