Lebanese pound rate against dollar unchanged

Exchange dealers sold the greenback for LL9,400 and bought it for LL9,350

  
A woman counts Lebanese pound and U.S. dollar banknotes at a currency exchange shop in Beirut, Lebanon April 3, 2020. Image used for illustrative purpose.

A woman counts Lebanese pound and U.S. dollar banknotes at a currency exchange shop in Beirut, Lebanon April 3, 2020. Image used for illustrative purpose.

REUTERS/Mohamed Azakir

BEIRUT: The exchange rate of the Lebanese pound against the dollar remained unchanged on the black market Wednesday, while the country still awaits a new Cabinet.

Exchange dealers sold the greenback for LL9,400 and bought it for LL9,350, same as Tuesday. The pound did fall slightly Monday, after trading for an average of LL9,300 earlier.

The pound has been in free-fall since late 2019 and has lost more than 80 percent of its market value. It is projected to keep fluctuating near its record high of LL9,800 in the coming weeks as political tensions rise.

Meanwhile, Lebanon’s economic collapse continues, with no fully functioning government in place to take urgent and decisive action to try and rescue the country.

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