BEIRUT: The Lebanese pound was stable on the black market Wednesday, trading at LL12,250 against the dollar.
Exchange dealers were buying the greenback for LL12,200 and selling it for LL12,300, same rates as Tuesday's.
The pound has fluctuated mainly within a LL12,000-LL12,600 band to the dollar this month after hitting a record low of LL15,100 in March on the collapse of efforts to form a new government that would promptly enact economic reforms and begin negotiations with international financial organizations.
The local currency has lost some 85 percent of its value over the past 18 months amid an acute economic and financial crisis that has threatened to destabilize the country.
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