BEIRUT: The Syndicate of Money Changers in Lebanon Friday set the daily exchange rates for the dollar against the Lebanese pound slightly lower for the third day in a row.

The syndicate set the dollar selling at a maximum of LL3,940 while the buying rate was set at a minimum of LL3,890, compared to LL3,970-LL3,920 Thursday.

The head of the syndicate Mahmoud Halawi told The Daily Star that some traders Friday could not meet the demands of companies to buy dollars, adding that he hoped this issue would be resolved within a few days.

He said nearly all licensed traders were complying with the daily listed rates of the dollar.

"We hope to gradually reduce the dollar rate to LL3,200 in two weeks or so. I think we can achieve this goal provided that the authorities continue their crackdown on illegal traders," Halawi said.

He reiterated that the restoration of confidence in the country and the inflow of capital were two main conditions to keeping the pound stable.

The syndicate ended its strike Wednesday, as they had halted currency trading operations among licensed traders in late April.

According to the syndicate the aim is to see the dollar rate drop to LL3,200 in the coming two weeks.

Lebanese authorities pledged to continue the crackdown on the illicit currency traders selling and buying dollars above the rate offered by the syndicate.

The Central Bank, syndicate and commercial banks are preparing to launch the electronic platform that will display the daily rates of foreign currencies.

All licensed traders are obliged to abide by these rates.

The official exchange rate set by the Central Bank remains at LL1,507.50 in the banking system.

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