The Lebanese pound or ‘lira’ has been dropping slightly since Tuesday after it had recorded gains against the dollar reaching a rate of 7,750/USD.
The lira started off the week with a positive rise with hopes that PM-designate Saad Hariri would present his draft cabinet lineup to President Michel Aoun.
However, with news that President Aoun might reject the draft lineup over differences in the selection of ministers, the pound began its steady decline.
Now, it is trading at around 8,175 LBP/USD on the black market. Black market exchanges are buying the dollar for 8,150 LBP and selling for 8,200 LBP at the time of writing.
Hariri and Aoun have yet to hold their meeting, the outcome of which will dictate Lebanon’s fate. From his end, Hariri affirmed that he had no intention to resign.
On Wednesday, in its international aid conference for Lebanon, France urged Lebanon’s leaders to form a new government to unlock billions of dollars in assistance and vowed to continue supporting the country.
In addition, President Aoun urged the international community not to “abandon the country of the cedars” while the local leaders seem to have done just that.