Lebanese pound slightly up on black market

The latest plunge means the pound has lost more than 90% of its value

  
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 rose slightly on the black market Tuesday, trading at 15,200 to the dollar.

Exchange dealers were selling the greenback for LL15,250 and buying it for LL15,150, compared to 15,300-15,200 on Monday.

The pound fell to a record low of 15,550 to the dollar June 15 on the political deadlock over the formation of a new government and demand by banks buying dollars to enable them to implement a Central Bank circular that stipulates paying some cash dollars every month to depositors who had foreign currency accounts before October 2019.

The latest plunge means the pound has lost more than 90 percent of its value on the informal market in past 20 months.

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