Local

Lebanese pound maintains retreat

Dollar banknotes are seen in Beirut, March 23, 2021. (The Daily Star/Mohamad Azakir)

BEIRUT: The Lebanese pound fell slightly Monday, trading at LL16,250 to the dollar on the black market.

Exchange dealers are buying the dollar for LL16,200 and selling it at LL16,300, down from LL16,100-LL16,200 Saturday.

The drop comes ahead of the first Cabinet meeting of the new government since it won a vote of confidence in Parliament. Scheduled for Wednesday, the meeting will be Cabinet's first attempt to find solutions to the multitude of problems that have plagued Lebanon since 2019. The country has been suffering from an economic crisis described by the World Bank as one of the worst in modern times. The Lebanese pound has lost 90 percent of its value, leading to severe shortages of basic essentials and pushing millions of people into poverty.

 

Recommended





Advertisement

Comments

Your feedback is important to us!

We invite all our readers to share with us their views and comments about this article.

Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.

Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)

comments powered by Disqus

Advertisement

FOLLOW THIS ARTICLE

Interested in knowing more about this story?

Click here