Lebanese Pound Dropped Even More After PM-Designate Adib Resigned

Marwan Naamani/picture-alliance/dpa/AP | MOHAMED AZAKIR/ REUTERS

Amid all crises, Lebanon is threatened with more financial hardships to come as the Lebanese pound plunged further into the abyss.

The dropped against the dollar on Saturday when Prime Minister-designate Mustapha Adib resigned after his failed attempt to form a government.

The dollar traded slightly over LL 8,000/USB Saturday, after being “comfortably” stable for a while around LL 7,500-7,800/USD

Lebanon’s currency went from being pegged at LL 1,500/USD to nearing, as some reported today, LL 9,000/USD.

With Adib gone, hopes for reforms to gain international support that will save Lebanon’s economic disaster have all but diminished. President Aoun has just recently stated that if a government isn’t formed, “we will go to hell.”

Adib faced the same challenge his predecessor did, although he did not last as long as Diab; a stout resistance from within the ruling body to bring the country to the right track. Diab called it “corruption” in his speech announcing his resignation back on August 10th.

Two prime ministers quitting in a matter of weeks, that’s another record for Lebanon.