Lebanese pound edges lower on black market

Exchange dealers said they were buying the greenback for LL18,200 and selling it for LL18,300

  
A man wearing a face mask takes Lebanese pound banknotes at a currency exchange shop in Beirut, Lebanon April 24, 2020.

A man wearing a face mask takes Lebanese pound banknotes at a currency exchange shop in Beirut, Lebanon April 24, 2020.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound fell slightly on the black market Friday, trading at LL18,250 against the dollar, exchange dealers said.

Exchange dealers said they were buying the greenback for LL18,200 and selling it for LL18,300, compared to LL18,050-LL18,150 Thursday.

The national currency's rallied earlier this week after former Prime Minister Najib Mikati was designated to form a new government charged with implementing reforms, restarting negotiations with the International Monetary Fund over a rescue package and supervising next year's parliamentary elections. Mikati has expressed his optimism that he could form his Cabinet in a short time.

The local currency has lost more than 90 percent of its value since late 2019 as the country plunged into its worst financial and economic crisis in modern times, pushing more than half the population below the poverty line.

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