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The Lebanese pound/lira dropped to new lows just ahead of the nationwide shutdown. Lebanon has declared a state of emergency starting on January 14th until the 25th.
On Tuesday, the pound was trading at 8,850 LBP on the black market. Black market traders were selling the dollar for 8,875 LBP and buying it for 8,825 LBP.
The is the highest exchange rate and the lowest value of the lira against the dollar in over three months.
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The concerning drop comes paired with an ongoing governmental void that Lebanese politicians refuse to claim responsibility for.
Yesterday, in what appeared to be a leaked video, President Michel Aoun accused Prime Minister-designate Saad Hariri of lying about government formation. He blamed Hariri for delays in the formation.
الرئيس عون استقبل الرئيس المكلف سعد الحريري الذي قدّم له تشكيلة حكومية كاملة، في المقابل سلم الرئيس عون الرئيس المكلف طرحا حكوميا متكاملا يتضمن توزيعا للحقائب على اساس مبادئ واضحة— Lebanese Presidency (@LBpresidency) December 9, 2020
الرئيس عون استقبل الرئيس المكلف سعد الحريري الذي قدّم له تشكيلة حكومية كاملة، في المقابل سلم الرئيس عون الرئيس المكلف طرحا حكوميا متكاملا يتضمن توزيعا للحقائب على اساس مبادئ واضحة
On his side, Hariri previously blamed Aoun for prolonging the government formation because of disputes over the division of ministries for the sake of his son-in-law, Gebran Bassil.
In a recent speech, Bassil, who is sanctioned by the United States, called for the formation of a new governing system.