BEIRUT: The Lebanese pound fell for a third day in a row Thursday, trading at LL13,150 against the dollar on the black market, as the country sank deeper into political and financial chaos.

Exchange dealers said they were buying the dollar for LL13,100 and selling it for LL13,200, compared to an average LL13,050 Wednesday.

The Central Bank said late on Wednesday it would ask the state consultative council to review that body's decision to stop letting depositors withdraw funds from dollar accounts at the fixed rate of 3,900 pounds per dollar, after the move sparked protests.

Demonstrators in and near Beirut blocked roads with burning tires in response to the bank's circular on Wednesday night while people lined up in front of ATMS to withdraw at the 3,900-pound-per-dollar rate before the council decision takes effect on Thursday.

Lebanese banks have mostly locked depositors out of their dollar accounts and blocked transfers abroad. Under a central bank circular last year, depositors were permitted to withdraw dollars, with the funds paid in the local currency at a rate of 3,900 pounds to the dollar.

That is only about a third of the value of dollars on the black market, but has been the only way many residents have been able to access their funds.

The Central Bank statement did not make clear if an alternative system would be introduced to allow access to dollars in accounts

Copyright 2021, The Daily Star. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an as is and as available basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.