BEIRUT: The Lebanese pound dropped Thursday, trading at LL18,050 to the dollar on the black market, exchange dealers said.

They said they were buying the greenback for LL18,000 and selling it for LL18,100, compared to LL17,750 Wednesday.

The pound has now shed all its gains after a new government was formed on Sept. 10, reflecting a loss of confidence in the Cabinet's ability to halt the country's economic and financial meltdown.

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