Lebanese Pound Drops As Easter Holiday Comes To An End

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 back to dropping against the US dollar after it had registered a steady rise late last week.

On Monday afternoon, black market traders were selling the dollar for 12,150 LBP and buying it for 12,050 LBP as opposed to its rate late last week when it was trading at around 11,700 LBP.

The lira’s rate was rising against the dollar last week ahead of the holiday as hopes grew amid heightened efforts by Lebanese politicians to form a government.

However, over the weekend, it became clear that tensions between President Michel Aoun and Prime Minister-designate Saad Hariri would not be eased by the new efforts of other politicians’ to break the government deadlock.

The drop in value of the local currency coincides with the final day of the 3-day lockdown that was imposed to prevent a surge in COVID-19 cases over the Easter holiday.

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