Lebanese Pound Trades at New Lows
Lebanon's currency continued its downward spiral against the dollar on Monday, as money exchange houses failed to abide by the Central Bank’s Sunday memo setting the rate at LBP 3,200 for dollars.
The Lebanese pound traded between 4,200 and 4,300 to the dollar in the black market Monday, amid financial turmoil in the crisis-hit country compounded by the coronavirus outbreak.
Money exchange houses argued that people refused to sell their dollars at the rate set by the Central Bank, noting that dollars were scarce.
Monday’s trading is a sharp jump amid general currency depreciation that began in March.
The Syndicate of Money Changers last week announced suspension of activities from Thursday last week until Monday, because of the chaotic rise in dollar trading.
Source: Naharnet
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