BEIRUT: The rate of the dollar against the Lebanese pound retreated moderately Tuesday to an average of LL8,850, a day after Banque Du Liban outlined a plan to subsidize the cost of importing food.

BDL did not specify when the measures would be implemented this week but one day after the announcement the dollar was being brought for LL8,700 and sold for LL9,000.

In comparison black market traders were buying the dollar for LL9,000 and selling it for LL9,200 Monday.

Importers of 280 food products will be able to purchase dollars at the rate of LL3,900 via banks.

It is hoped that the plan will reduce demand for dollars on the black market by providing food importers with an alternative cheaper supply of greenback.

Tuesdays exchange rate comes after days of turmoil for the Lebanese pound as the currency's purchasing power relative to the dollar has both increased and decreased dramatically. Black market traders were selling dollars for as high LL10,000 Thursday but by Saturday traders were selling the dollar for LL7,900. The fluctuation has been partially credited to the reopening of the airport offering a rare glimmer of optimism during the country's overall bleak economic outlook.

Meanwhile the sell and buy rates set by BDL were unchanged at LL3,900 and LL3,850 respectively on its Sayrafa platform, used by licensed currency exchangers.

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