Lebanese pound stable against dollar on black market

Black market exchangers were selling the dollar for around LL7,700 and buying at around LL7,500

  
U.S. dollar banknotes and Lebanese pounds are pictured at a currency exchange shop in Beirut, Lebanon April 24, 2020. Image used for illustrator purpose

U.S. dollar banknotes and Lebanese pounds are pictured at a currency exchange shop in Beirut, Lebanon April 24, 2020. Image used for illustrator purpose

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound was stable against the dollar on the black market Thursday, trading at around LL7,600.

Black market exchangers were selling the dollar for around LL7,700 and buying at around LL7,500, the same rate as Wednesday.

Earlier in the day, some unlicensed exchangers were selling it at as high as LL8,200 and buying for LL8,000.

The exchange rate set by the Central Bank on the Sayrafa electronic platform for licensed exchangers was not updated Thursday as Lebanon went under a lockdown to curb the rising cases of coronavirus, and currency exchange shops were closed.

The official peg of the Lebanese pound to the dollar remains at LL1,507.5, which is only being adopted for the import of wheat, fuel and medicine.

Copyright © 2020, 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