Lebanese Lira Down Against The Dollar For The Second Day

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 lira dropped against the dollar on the black market for the second day this week.

On Wednesday, black market traders were selling the dollar for 12,700 LBP and buying it for 12,600 LBP. Yesterday, it was trading for around 12,425 LBP.

This drop comes after the exchange rate remained stable, fluctuating around 12,000 LBP and slightly above. It recorded no major changes in the last two weeks.

Last month, the Lebanese lira hit a record low value with 1 USD amounting to 15,000 LBP. This time last year, the lira was trading for around 4,000 LBP.