Lebanese Pound Relatively Stable After A Week Of Steady Decline

The Lebanese pound, or lira, maintained a relatively stable rate for the past week with no extremely major fluctuations, generally trading at around 8,200 LBP.

For the past couple of days, the pound traded at nearly the same rate, with the dollar being sold for as high as 8,300 LBP and as low as 8,100 LBP by different black market exchangers.

With no major fluctuations by Monday, the dollar was being sold for 8,275 LBP and bought for 8,125 LBP by the black market, according to The961’s Lebanese Lira Exchange Rate page.

On Monday last week, the Lebanese lira showed a positive rise against the dollar reaching a rate of 7,750/USD only to begin dropping by Tuesday afternoon.

The pound then maintained a steady decline against the dollar and recorded no major changes over the weekend.

Meanwhile, the Syndicate of Money Changers announced on Monday that the official USD exchange rate against the Lebanese pound was around 3,875 LBP.

The pound’s stable rate came as Prime Minister-designate Saad Hariri finally met with President Aoun this Monday to submit his draft Cabinet lineup.

However, Aoun is expected to reject the draft. During a meeting with the Higher Defense Council, Aoun called for the expansion of the caretaker government’s role, alluding to the fact that Lebanon will not see the formation of a new cabinet soon.

The exchange rate is expected to continue fluctuating as government formation continues to be paralyzed.

Share this article with your friends!

Not now
Share via
Don\'t Miss Out!