Lebanese Pound Stable After Slight Rise From A Low Point

Mohamed Azakir/ Reuters

Remaining stable for some days, the dollar was trading at around 8,225 LBP on the black market Tuesday noon. Black market traders sold the dollar for 8,250 LBP and bought it for 8,200 LBP.

The Lebanese pound, or lira, rose slightly over the weekend after hitting a low point around the end of last week.

Around Thursday, the dollar was trading at around 8,450 LBP, the highest it’s been in a month. In fact, the Lebanese pound had reached its lowest rate in 30 days.

The drop in the Lebanese pound came paired with pessimism surrounding the government formation, as progress in talks among Lebanese leaders has come to a halt.

Advertisement
Reuters

Late October, PM-designate was appointed to swiftly form a government adhering to the French initiative that could turn things around for crisis-stricken .

Before him, Pm-designate failed at the same task and walked away opening the space for someone else to attempt the seemingly impossible task.

It has been over a year since the Lebanese revolution first began demanding to get rid of the old leaders who have been blamed for practicing corruption and putting the country deep in debt.

The situation has become more desperate yet, the same faces are still there, hanging tight to their positions.

Advertisement

Our team works tirelessly to ensure Lebanese people have a reliable alternative to the politically-backed media outlets with their heavily-funded and dangerous propaganda machines. We've been detained, faced nonstop cyber attacks, censorship, attempted kidnapping, physical intimidation, and frivolous lawsuits draining our resources. Financial support from our readers keeps us fighting on your behalf. If you are financially able, please consider supporting The961's work. Support The961. Make a contribution now.