Lebanese pound at record low level again after tumultuous week

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BEIRUT: The Lebanese pound fell slightly on the black market Friday, hitting its record low reached earlier this week.

Exchange dealers were buying the greenback for LL9,950 and selling it for LL10,000, compared to LL9,900-LL9,950 on Thursday.

Following a week of small but anger-fueled protests, Lebanons economic crisis was further aggravated with the news that there looms a Central Bank order planning to immediately ration subsidies.

In a country where over 60 percent of the population is now poverty stricken and relies heavily on the availability of subsidies, the news sparked panic buying and caused scuffles between customers wishing to stock up before prices soar.

Many are holding on to a last glimmer of hope that with the formation of a new Cabinet will come some stability to the economy, but others remain frustrated and desperate to find a way out of the collapse.

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