BEIRUT: The Lebanese pound fell on the black market Wednesday, trading at 15,350 to the dollar, just above its record low registered last week.

Exchange dealers were selling the greenback for LL15,400 and buying it for LL15,300, compared to LL15,250-15,150 Tuesday.

The pound fell to a record low of LL15,550 to the dollar June 15 on the political deadlock over the formation of a new government and demand by banks buying dollars to enable them to implement a Central Bank circular that stipulates paying some cash dollars every month to depositors.

The latest plunge means the pound has lost more than 90 percent of its value on the informal market since Oct. 2019.

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