Lebanese pound maintains retreat

Exchange dealers are buying the dollar for LL16,200 and selling it at LL16,300

  
Image used for illustrative purpose A man counts U.S. dollar banknotes next to Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020.

Image used for illustrative purpose A man counts U.S. dollar banknotes next to Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound fell slightly Monday, trading at LL16,250 to the dollar on the black market.

Exchange dealers are buying the dollar for LL16,200 and selling it at LL16,300, down from LL16,100-LL16,200 Saturday.

The drop comes ahead of the first Cabinet meeting of the new government since it won a vote of confidence in Parliament. Scheduled for Wednesday, the meeting will be Cabinet's first attempt to find solutions to the multitude of problems that have plagued Lebanon since 2019. The country has been suffering from an economic crisis described by the World Bank as one of the worst in modern times. The Lebanese pound has lost 90 percent of its value, leading to severe shortages of basic essentials and pushing millions of people into poverty.

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