Lebanese pound unchanged on black market

The pound has fluctuated mainly within a LL12,000-LL12,600 band to the dollar this month

  
U.S. dollar banknotes and Lebanese pounds are pictured at a currency exchange shop in Beirut, Lebanon March 2, 2021.

U.S. dollar banknotes and Lebanese pounds are pictured at a currency exchange shop in Beirut, Lebanon March 2, 2021.

REUTERS/Mohamed Azakir

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.

Copyright © 2021, 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