Lebanese Pound Just Dropped Again After Aoun Postponed PM Talks

Hasan Shaaban | The Daily Star/Dalati Nohra, HO

On Thursday, the Lebanese pound fell against the dollar again when President Aoun suddenly postponed the highly anticipated parliamentary elections.

This dip comes after the lira rose from around 8,700 LL to 7,850LL just days ago when former-PM Saad Hariri showed promise as the next prime minister. 

Hariri was expected to be designated this Thursday, but consultations to designate a new premier were pushed back at the last minute due to “difficulties” that emerged.  

Difficulties such as a lack of support from Lebanese Forces (LF), and the Free Patriotic Movement.

With the postponement of the elections, the lira is now trading at around 8,150 LL, being sold on the black market for a high of 8,200 LL and bought for around 8,100. LL

Similarly, the Lebanese pound drifted deeper into the abyss when PM-designate Mustapha Adib resigned after a failed attempt to form a government.

As Lebanon battles with a severe economic crisis, Hariri continues to be the most likely candidate for the premiership to fill in the governmental void and patch things up and commit to the French Initiative.

For now, consultations to name a new prime minister have been rescheduled until October 22nd.