We're hiring! Join our team! Click for more info.

Lebanese Pound Continues To Drop Against The Dollar After Sanctions

The Daily Star/Mohamad Azakir | AFP

The Lebanese pound dropped further on Monday following the new sanctions that appear affecting the government formation.

The pound was trading at around 7,450 LBP on the black market as dealers sell the dollar for 7,500 LBP and buy it for 7,400 LBP.

The drop has been generally continuous since falling after the United States imposed sanctions on Free Patriotic Movement (FPM) leader Gebran Bassil. They designated him for his role in corruption and link with Hezbollah.

Sanctions on Bassil, who is the head of the largest bloc in Parliament (Strong Lebanon), complicate Lebanese government formation.

CNBC

According to The Daily Star, Bassil reportedly has set conditions “that threatened to further delay the creation of an 18-member government of nonpartisan specialists.”

Simultaneously, he also said that the sanctions should not delay government formation. This comes after Bassil himself was accused of obstructing the formation of a cabinet.

During his speech on Sunday, Bassil also rejected the sanctions calling them “unjust” and said that he will sue for damages, and will also sue a party member who “betrayed” him to the Americans.

According to Assistant Secretary of State for Near Eastern Affairs David Schenker, Bassil can try to challenge the sanctions but it will be “very difficult” saying that the case against Bassil is solid.


Our team works tirelessly to ensure Lebanese people have a reliable alternative to the politically-backed media outlets with their heavily-funded and dangerous propaganda machines. We've been detained, faced nonstop cyber attacks, censorship, attempted kidnapping, physical intimidation, and frivolous lawsuits draining our resources. Financial support from our readers keeps us fighting on your behalf. If you are financially able, please consider supporting The961's work. Support The961. Make a contribution now.

Lebanese Pound Continues To Drop Against The Dollar After Sanctions

Share this article with your friends!

Not now
Share via
Don\'t Miss Out!