Lebanese pound rate unchanged at LL9,675

Black market exchangers sold the dollar for LL9,700 and bought it for around LL9,650

  
A customer wearing gloves holds Lebanese pounds at a currency exchange store, during a countrywide lockdown to combat the spread of coronavirus disease (COVID-19) in Beirut, Lebanon April 3, 2020.

A customer wearing gloves holds Lebanese pounds at a currency exchange store, during a countrywide lockdown to combat the spread of coronavirus disease (COVID-19) in Beirut, Lebanon April 3, 2020.

REUTERS/Mohamed Azakir

BEIRUT: The exchange rate of the Lebanese pound against the dollar remained unchanged on the black market Monday, trading for around LL9,675 as the political crisis in the country persisted.

Black market exchangers sold the dollar for LL9,700 and bought it for around LL9,650, the same rate as the weekend. The Lebanese pound declined in value last week, trading at the lowest price since the record LL9,800 rate back in July 2020.

With no positive developments in sight on the political front for a speedy government formation, the local currency remains in free fall and it is unclear how much the pound will lose its value.

The pound has already lost 85 percent of its value since Oct. 2019 as Lebanon continues to grapple with an unprecedented set of crises. With the country in a political vacuum, no new policies can be enacted while the government remains in caretaker capacity and political factions continue to bicker over the formation of a new one.

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