Lebanese pound gains slightly against dollar

Exchange dealers were buying the dollar for LL11,800 and selling it for LL11,900

  
A man counts Lebanese pounds at an exchange office in Beirut, Lebanon, August 16, 2018.

A man counts Lebanese pounds at an exchange office in Beirut, Lebanon, August 16, 2018.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound marginally went up on the black market Tuesday, trading at LL11,850 against the dollar.

Exchange dealers were buying the dollar for LL11,800 and selling it for LL11,900. The greenback traded for LL12,100 Monday.

The pound hit its record low of LL15,100 to the dollar last month, sparking nationwide road closures and protests which cast blame on Lebanon’s political and financial elite, widely seen as responsible for rampant corruption and financial mismanagement.

The pound has lost nearly 90 percent of its value since the slow onset of the economic crisis in October 2019, pushing more than half of the country's 6 million population into poverty.

Politicians are still struggling to resolve a political crisis that has left Lebanon without a fully functioning government for more than seven months and an ailing economy teetering on the verge of total collapse.

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