Lebanese pound slides to new lows, passing 6,000 to the dollar

Lebanese pound slides to new lows, passing 6,000 to the dollar

BEIRUT: Lebanon's pound currency fell to new lows on Tuesday, trading above 6,000 to the dollar on a parallel market, according to market participants, as a severe dollar crunch further eroded its value.. President Michel Aoun said earlier this month that the central bank would begin using limited dollar reserves to support the pound after a sharp fall sparked fresh public protests.. Two dealers said on Tuesday they were buying dollars for 6,000 pounds.. The rate compares to a dollar buying price of about 5,000 a week ago.. Abu Dhabi's ADNOC sells pipeline firm stake to foreign investors /node/1694286/business-economy. Under the deal, the consortium of investors acquires a 49-percent stake in Gas Pipeline Assets, a newly formed subsidiary of ADNOC with lease rights to 38 pipelines covering a total of 982.3 kilometers (614 miles).. State-owned ADNOC, which manages all the hydrocarbon resources of the emirate of Abu Dhabi, will continue to hold a 51-percent majority stake in the gas subsidiary, it said in a statement.. The deal puts the value of the gas pipeline assets at $20.7 billion, the statement said..