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.