The Lebanese pound dropped further against the dollar over the weekend, reaching its lowest rate in exactly a month.
The pound is trading at around 7,925 LBP on the black market this Monday morning. Black market traders are selling the dollar for around 7,950 LBP and buying it for 7,900 LBP.
The pound recorded a rise against the dollar when hopes grew over the formation of a government that would rescue Lebanon out of its multiple crises.
This was when Future Movement leader former PM Saad Hariri was nominated PM-designate. However, amid unsuccessful efforts to form the government the pound is continuing to drop.
The latest drop in value comes after special French envoy Patrick Durel failed to catalyze the government formation as it was hoped when he arrived Wednesday evening for a two-day visit to meet with Lebanese leaders.
Lebanon has been at the hands of a caretaker government since former PM Hassan Diab resigned after the tragic Beirut blast over three months ago.
In addition, Lebanon is in a two-week lockdown that puts on hold all business. This time, security forces are implementing stricter measures to ensure people abide by the lockdown rules which include night curfew and driving restrictions.
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