BEIRUT - Lebanon's commercial banks will work with the central bank to determine a daily exchange rate for dollars under a new FX trading system being launched, the banking association said on Sunday.

Lebanon's central bank said on Friday it was launching a new FX trading platform that will unify the parallel market rate for money changers, where the slumping local currency has weakened by about 50% from the peg since October.

(Reporting by Eric Knecht; Editing by Angus MacSwan) ((eric.knecht@thomsonreuters.com; Reuters Messaging: eric.knecht.thomsonreuters.com@reuters.net))