Lebanese pound falls slightly against dollar

Lebanese pound falls slightly against dollar

BEIRUT: The Lebanese pound fell slightly against the dollar Thursday, trading at around LL7,700 on the black market.Black market exchangers were selling the dollar for around LL7,750 and buying it for LL7,650. The dollar traded for around 7,550 Wednesday.Licensed exchangers were selling the dollar for LL3,900 and buying it for LL3,850, a rate set by the Central Bank that has remained unchanged for months.The Central Bank has been subsidizing essential goods such as wheat, fuel and medicine for more than 20 years at the official peg of LL1,507.5 to the dollar, however with a dollar liquidity crunch plaguing the country and little inflow of foreign currency, it is not possible anymore.The bank's foreign currency reserves stood at $19.8 billion at the end of August, of which $17.5 billion are required