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Lebanese pound changes hands near 5,000 per dollar, market sources say

News Bulletin Reports

11-06-2020 | 13:54

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Lebanese pound changes hands near 5,000 per dollar, market sources say

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The Lebanese pound changed hands at just under 5,000 to the dollar on a parallel market on Thursday, four market participants said, defying government efforts to arrest a steep decline.

The pound has now lost some 70% of its value since October, when Lebanon descended into a financial crisis seen as the biggest threat to its stability since the 1975-90 civil war.

The government has continued to maintain an official peg of 1,507.5 pounds to the dollar for the import of wheat, fuel and medicine as the price has slid on the parallel market.

Exchange rates varied, with dealing taking place in an unofficial market that has re-emerged as official efforts to keep the price in check have faltered.

One dealer was buying dollars at 4,900 pounds on Thursday compared to 4,600 on Wednesday. A second gave a rate of 4,950 pounds compared to 4,500 on Wednesday. They did not give prices at which they were selling dollars.

REUTERS

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