Lebanese pound down as govt crisis drags on

Exchange dealers were selling the dollar for LL12,500 and buying it for LL12,400, down from Thursday's average of LL12,400

  
A man counts Lebanese pounds at an exchange office in Beirut, Lebanon, August 16, 2018. Image used for illustrative purpose

A man counts Lebanese pounds at an exchange office in Beirut, Lebanon, August 16, 2018. Image used for illustrative purpose

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound fell against the dollar Friday, trading at LL12,450 on the black market, as a French initiative to resolve the country's political crisis appeared to make no breakthrough.

Exchange dealers were selling the dollar for LL12,500 and buying it for LL12,400, down from Thursday's average of LL12,400.

French Foreign Minister Jean-Yves Le Drian met Lebanese leaders in Beirut Thursday to pressure them to form a government that would implement reforms and fight corruption. But despite delivering a tough message, the French minister did not appear to have made any progress.

The market was also awaiting news on the Central Bank's launch of an electronic platform to organize the exchange rate in the country. The launch of "Sayrafa" platform was originally expected in April but has been put off twice already.

The local currency has lost some 85 percent of its value over the past 18 months amid an acute economic and financial crisis that has threatened to destabilize the country.

Copyright © 2021, The Daily Star. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Currencies