On Wednesday, the Lebanese pound, or Lira, dropped slightly against the dollar on the black market, trading for 9,425 LBP.
Black market traders were selling the dollar for 9,450 LBP and buying it for 9,400 LBP. It was trading 9,300 LBP on Monday.
The Lebanese pound exchange rate had reached 9,500 LBP last week, recording its lowest value in over 7 months.
According to Bloomberg’s calculations (based on the Central Administration of Statistics), prices have increased 400%, driving the cost of food and household items through the roof.
Furthermore, Lebanon has been without a government since last August. Hopes to form a government lie in the hands of Prime Minister-designate Saad Hariri, who just returned from a foreign trip, and Lebanon’s President Michel Aoun.
Hariri’s return brings with it a brand new opportunity for the revival of government formation discussions and breaking the Cabinet deadlock.
