BEIRUT: The Lebanese pound dropped on the black market Friday, trading at LL12,450 against the dollar.
Exchange dealers were buying the greenback for LL12,400 and selling it for LL12,500. The greenback traded for LL12,150 Thursday.
The pound has fluctuated mainly within a 12,000-12,600 band to the dollar over the last two weeks. It had reached a record low of 15,100 in March on the collapse of efforts to form a new government that would promptly enact economic reforms and begin negotiations with international financial organizations.
The local currency has lost some 85 percent of its value over the past 18 months amid an acute economic and financial crisis that has threatened to destabilize the country.
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