Lebanese pound down against dollar

Exchange dealers were buying the greenback for LL12,500 and selling it for LL12,600

  
A man counts U.S. dollar banknotes at a currency exchange shop in Beirut, Lebanon March 2, 2021.

A man counts U.S. dollar banknotes at a currency exchange shop in Beirut, Lebanon March 2, 2021.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound fell on the black market Wednesday, trading at LL12,550 against the dollar.

Exchange dealers were buying the greenback for LL12,500 and selling it for LL12,600. The greenback traded for LL12,250 Tuesday.

Lebanon’s economic crisis has seen the local currency lose 85 percent of its value and pushed half of the country’s 6 million population into poverty, while politicians bicker over the formation of a new government, which should promptly enact economic reforms and begin negotiations with international financial organizations.

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