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Lebanese pound falls for fourth day

A man counts Lebanese pounds at an exchange office in Beirut, Oct. 1, 2020. (The Daily Star/Mohamad Azakir)

BEIRUT: The Lebanese pound fell for the fourth day on Tuesday, trading at 16,400 to the dollar on the black market.

Exchange dealers said they were buying the greenback for LL16,300 and selling it for LL16,400, a fall of LL150 since Monday.

In an interview with the LBCI broadcaster on Monday night, Prime Minister Najib Mikati said he would begin talks with financial advisory firm Lazard soon, to map out a financial recovery plan for bankrupt Lebanon.

But he said it would be "very lucky'" to achieve the framework for a deal for a bailout from the International Monetary Fund by the end of the year.

Lebanon is in need of vital international aid as its economic crisis continues to worsen, leading to widespread shortages of basic essentials and pushing millions of people into poverty.

 

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