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Lebanese pound maintains relentless drop

A man stands outside a currency exchange company in the Lebanese capital Beirut on October 1, 2019. AFP / JOSEPH EID

BEIRUT: The Lebanese pound fell again Friday, trading at LL18,750 to the dollar on the black market, exchange dealers said.

They said they were buying the greenback for LL18,700 and selling it for LL18,800, compared to LL18,050 Wednesday.

The pound has now shed all its gains after a new government was formed on Sept. 10, reflecting in part a loss of confidence in the Cabinet's ability to halt the country's economic and financial meltdown.

 

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