Lebanese pound ticks higher on black market

The dealers said they were buying the dollar at LL16,100 and selling it at LL16,200

  
Image used for illustrative purpose. Lebanese pound banknotes are seen at a currency exchange shop in Beirut, Lebanon June 15, 2020.

Image used for illustrative purpose. Lebanese pound banknotes are seen at a currency exchange shop in Beirut, Lebanon June 15, 2020.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound edged higher Wednesday, trading at LL16,150 to the dollar on the black market, exchange dealers said.

The dealers said they were buying the dollar at LL16,100 and selling it at LL16,200, compared to LL16,200-LL16,300 Tuesday.

The battered local currency has strengthened since the formation of a new government last week. The main mission of the country's first fully functioning Cabinet in 13 months is launching reforms to unlock international aid and end shortages of basic goods, such as fuel and medicines.

Since the start of the economic crisis in 2019, the pound has lost 90 percent of its value and more than 70 percent of the population has been pushed into poverty.

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