BEIRUT: The Lebanese pound fell on the black market Wednesday, trading at LL13,050 against the dollar, as efforts to expedite the formation of a new government appeared to have hit a dead-end.

Exchange dealers said they were buying the dollar for LL13,000 and selling it for LL13,100, compared to an average LL12,900 Tuesday.

Dealers attributed the drop to the apparent failure of talks this week over the formation of a new government that would implement reforms and agree on a plan with the International Monetary Fund to rescue the economy.

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