Lebanese Pound Drops For The Second Day In A Row Ahead Of Lockdown

For the second day, the Lebanese pound dropped further on Friday trading at around 7,625 LBP at the time of writing. The dollar was sold for as high as 7,800 LBP on the black market on Friday at noon.

At the time of writing, black market traders are selling the dollar for around 7,650 LBP and buying for as low as 7,550 LBP.

The pound dropped ahead of the start of a two-week total lockdown that begins Saturday until the end of the month. Lebanon is reinstating the night curfew and odd/even license plate rule to restrict drivers.

The pound was stable throughout the week trading at around 7,450 LBP until the French envoy began talks with Lebanese politicians on Thursday.

On Thursday and Friday, French representatives, including the adviser to French President Emmanuel Macron for Middle Eastern and North African affairs, Patrick Durel, attempted to catalyze the deadlocked government formation.

Durel tried to revive the French initiative to help crisis-laden Lebanon out of its hardships. Additionally, the economic support for Lebanon is expected to be redirected to civil society organizations if a government is not formed by the end of November.

According to MTV News, PM-designate Saad Hariri “might” soon hold a meeting with President Aoun to discuss the formation of a government that keeps being delayed.

It has been even at a standstill since Gebran Bassil was sanctioned by the United States. He was also accused of obstructing government formation before being sanctioned.

Lebanon has had no government for almost 100 days now after Hassan Diab resigned in the wake of the August 4 explosion.

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