The Lebanese Lira Is Rising As U.S. Official David Hale Meet With Lebanon’s Political Leaders

The Lebanese pound gained considerable momentum against the U.S. dollar on the black market following the formation of the new government on Friday afternoon.
Hasan Shaaban/Bloomberg

The Lebanese pound is recording a rise as top U.S. State Department official David Hale met with Lebanese leaders to stress the urge for a new government formation.

On Wednesday afternoon, the exchange rate changed as black market traders were selling the dollar for 12,000 LBP and buying it for 11,900 LBP.

After meeting with Parliament Speaker Nabih Berri, Hale said that the purpose of his visit was to “discuss the distressing political and economic crisis” and “reaffirm American’s commitment to the Lebanese people.”

“America and its international partners are greatly concerned with the failure here to advance the critical reform agenda long demanded by the Lebanese people,” he said, noting that very little progress has been made since his last two visits.

“It is time now to call on Lebanese leaders to show sufficient flexibility to form a government that is willing and capable of true and fundamental reform. That’s the only path out of this crisis,” he stated.

Hale also met with the caretaker Foreign Minister Charbel Wehbe, Progressive Socialist Party leader Walid Jumblatt, and Prime Minister-designate Saad Hariri today.

He is scheduled to meet on Thursday with President Michel Aoun, caretaker PM Hassan Diab, Patriarch Mar Bechara Boutros Al-Rahi, and Lebanese Forces‘ leader Samir Geagea.