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Black market exchange rates creep up once again.

Summary: Lebanese pound to dollar exchange rates on the black market were reported at an average of LL2,300 Friday, up from around LL2,170 at the beginning of the week.

BEIRUT: Lebanese pound to dollar exchange rates on the black market were reported at an average of LL2,300 Friday, up from around LL2,170 at the beginning of the week.

The rise comes amid a shortage of U.S. dollars in the market after banks further tightened informal capital controls on their customers. For example, Bank Audi said depositors could only withdraw dollars twice a month, while Credit Libanais set limits of $600 per month.

In January, the Syndicate of Exchange Dealers came to an agreement with the Central Bank to cap the buy rate for U.S. dollars at LL2,000, in order to create a sense of stability after rates soared to LL2,500.

However, the move paved the way for a third, parallel market rate to emerge.

The Lebanese pound has been pegged to the dollar since 1997 at an official rate of LL1,507.5.

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Publication:The Daily Star (Beirut, Lebanon)
Geographic Code:7LEBA
Date:Feb 7, 2020
Words:197
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