After a sudden drop and rise in the value of the local currency last week, the Lebanese lira is back to maintaining a relatively stable rate.
Monday afternoon, the lira was trading for around 12,300 LBP with black market traders selling the dollar for 12,325 LBP and buying it for 12,275 LBP.
This was after the exchange rate dropped last week reaching 12,750 LBP against the dollar last Tuesday and rose again by Thursday. Before that, it was recording no major changes.
While a stable exchange rate is better than an extremely volatile one, Lebanon’s economic collapse is nowhere near ending.
According to the head of the General Labor Union, Bechara Asmar, the Labor Day that just passed this weekend was “the worst in tens of years.”
Meanwhile, politicians blocking the government formation continue standing in the way of rescuing the country.