Lebanese pound unchanged against dollar

Exchange dealers were selling the dollar for LL8,900 and buying it for LL8,800

  
A man counts U.S. dollar banknotes next to Lebanese pounds at a currency exchange shop in Beirut, Lebanon April 24, 2020.

A man counts U.S. dollar banknotes next to Lebanese pounds at a currency exchange shop in Beirut, Lebanon April 24, 2020.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound was unchanged against the dollar Tuesday, trading at LL8,850 on the black market, with no change in the political crisis that has left the country without a fully functioning government since August.

Exchange dealers were selling the dollar for LL8,900 and buying it for LL8,800, the rate that the national currency traded for Monday.

The pound has effectively lost around 80 percent of its value over the last 15 months, reflecting a severe economic and financial crisis that has pushed around half the Lebanese under the poverty level.

Political bickering have brought efforts to form a new government -- essential to receive foreign aid and loans -- to a standstill, with little hope of a breakthrough any time soon.

Copyright © 2021, The Daily Star. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Currencies