Lebanese pound rally loses steam, dollar back over LL15,000

Exchange dealers said in the afternoon they were buying the dollar for LL15,400 and selling it for LL15,500

  
A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020.

A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound fell on the black market Friday, trading at 15,450 to the dollar, reversing some gains in recent days.

Exchange dealers said in the afternoon they were buying the dollar for LL15,400 and selling it for LL15,500. It had traded at LL14,050 in the morning.

The pound had risen sharply since Prime Minister Najib Mikati agreed on a Cabinet with President Michel Aoun earlier this month, increasing hope that the government will be able to unlock international aid which is vitally needed to reduce severe shortages of basic essentials. Lebanon has been in the grip of an economic crisis since 2019, described by the World Bank as one of the worst in modern times, and over 70 percent of the population are living in poverty.

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