Lebanon pound unchanged, near record low

Exchange dealers were selling the greenback for LL15,300 and buying it for LL15,200

  
A man counts U.S. dollar banknotes next to Lebanese pounds at a currency exchange shop in Beirut, Lebanon December 7, 2020.

A man counts U.S. dollar banknotes next to Lebanese pounds at a currency exchange shop in Beirut, Lebanon December 7, 2020.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound exchange rate was unchanged on the black market Monday, hovering just above its record low against the dollar.

Exchange dealers were selling the greenback for LL15,300 and buying it for LL15,200, unchanged from Saturday's rate. The local currency had hit a record low of LL15,550 Tuesday.

The pound has been steadily falling over the past three weeks 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 who had foreign currency accounts before October 2019.

The latest plunge means the pound has lost more than 90 percent of its value on the informal market in past 20 months.

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