Lebanese money changers buy dollars at minimum 3,950 pound rate

Four exchange dealers said they were buying dollars at the 3,950 rate and selling them at 4,100 on Wednesday

  
A man holds Lebanese pounds next to U.S. dollar banknotes at a currency exchange shop in Beirut, Lebanon April 24, 2020.

A man holds Lebanese pounds next to U.S. dollar banknotes at a currency exchange shop in Beirut, Lebanon April 24, 2020.

REUTERS/Mohamed Azakir

BEIRUT- Lebanese money changers said on Wednesday they would buy U.S. dollars for a minimum of 3,950 Lebanese pounds and sell them at a maximum price of 4,000 pounds, marking the end of a one-month strike.

The pound has fallen by around 60% from the official exchange rate of 1,507.5 pounds since October during an acute financial crisis as U.S. dollars have become ever more scarce.

Four exchange dealers said they were buying dollars at the 3,950 rate and selling them at 4,100 on Wednesday.

In late April, the central bank said foreign currency dealers could not sell dollars for more than 3,200 pounds.

Ninety foreign currency dealers closed by the authorities for breaking the rules were due to reopen on Wednesday, the interior minister was cited by local media as saying.

Dollars are still being provided for the import of wheat, fuel and medicine at the official rate, a step which the government says aims to keep inflation in check. Last month the central bank said it aimed to provide food importers with dollars at a rate of 3,200 pounds to rein in food prices.

(Writing by Tom Perry; Editing by Toby Chopra; Editing by Kirsten Donovan)

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