Lebanese pound off record low on black market

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BEIRUT: The Lebanese pound was trading at LL10,350 to the dollar on the black market Monday, off record low it hit over the weekend.

Exchange dealers were buying the greenback for LL10,300 and selling it for LL10,400, compared to LL10,600-LL10,700 Saturday.

The pound has lost more than 85 percent of its value since Lebanon's economy, straddled with debt, mismanaged and corruption, began to unravel 18 months ago, pushing more than half of the population under the poverty line.

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