Lebanese pound down, trading at LL8,950 against dollar

SourceZawya
SectorFinancial Markets
CountryLebanon

BEIRUT: The Lebanese pound fell further against the US dollar Wednesday, trading at LL8,950 on the black market as the troubled country faced political uncertainty.Black market exchange dealers were selling the greenback for LL9,000 and buying it for LL8,900 compared to LL8,850-LL8,750 Tuesday.The pound has been declining in value this month, hitting the 9,000 mark for the first time since the summer, and is expected to continue on this trajectory unless authorities enact sound economic and fiscal policies.A new government is first needed to re-start talks with the International Monetary Fund for a bailout package, their last resort to rescue the country from its economic woes.However with the country’s leaders more at odds than ever, it is unclear when the government talks will be re-launched and how quickly a new Cabinet will be formed after that, as Lebanon enters its sixth month in political vacuum.Copyright © 2021, The Daily Star. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info). ...read more...