Lebanon's battered pound currency has slid to fresh lows against the U.S. dollar despite a new pricing system Beirut hopes can rein in soaring food prices as it negotiates a deal with the International Monetary Fund to climb out of crisis.
BEIRUT - Lebanon’s battered pound currency has slid to fresh lows against the U.S. dollar despite a new pricing system Beirut hopes can rein in soaring food prices as it negotiates a deal with the International Monetary Fund to climb out of crisis.
One currency dealer said dollars on Wednesday were being bought at 4,250 and sold at 4,500. A second dealer said he was buying at 4,300 versus 4,100 a day earlier but not selling because of scarcity. The government and money changers last week launched a unified pricing system, with a gradually reduced rate announced each day with the aim of reaching 3,200 pounds.
Under the new platform money changers will be required to enter the details of transactions into an electronic application and adhere to a buying and selling range set each morning by the central bank and subject to change throughout the day.
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