The Lebanese Lira Is Gaining Value Against The Dollar Ahead Of Aoun-Hariri Meeting

TDS/Mohammad Azakir

The Lebanese currency is continuing to rise against the U.S. dollar, this time ahead of the meeting between Lebanon’s President Michel Aoun and Prime Minister-designate Saad Hariri.

In the early afternoon on Thursday, black market traders were selling the dollar for 12,600 LBP and buying it for 12,500 LBP.

The price of the dollar has dropped remarkably since reaching its record-high exchange rate of just over 15,000 LBP on the black market.

Political Back & Forth

In a short televised address on Wednesday, Aoun called on Hariri to meet him in Baabda Palace to settle their differences and form a government. However, Hariri is expected to accept the terms set by Aoun who otherwise thinks Hariri should step down.

Later, a statement from Hariri‘s office expressed his surprise that Aoun invited him through a televised speech and said that he has been waiting for a phone call from the president to discuss the proposed Cabinet formation.

He added that he had already visited the president 16 times to agree on a government of non-partisan specialists capable of implementing the required reforms and that he would be happy to meet for the 17th time.

However, he added that if the president found himself unable to agree with the proposed government plan of non-partisan specialists then he should tell the Lebanese people the “real reason that drives him to try to obstruct the will of the Parliament that chose the appointed president.”

Hariri added that Aoun should reduce the pain and suffering of the Lebanese people by allowing early presidential elections.

They are scheduled to meet this afternoon at 3:00 PM to discuss government formation.

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