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Lebanese Pound Exchange Rate Reaches 9,500 LBP

TDS/Mohamad Azakir

On Thursday, the Lebanese pound, or Lira, dropped further and quicker against the dollar on the black market.

The Lira was trading around 9,475 LBP with black market exchange dealers buying the dollar for 9,450 LBP and selling it for 9,500 LBP at the time of writing.

The Lira-to-USD exchange rate has been changing rapidly since Wednesday when the dollar surpassed a rate of 9,000 LBP, for the first time in 7 months.

Previously, it was slightly fluctuating slightly but recording no major changes.

This major jump comes after Prime Minister-designate Saad Hariri reportedly made failed attempts to reconcile with President Michel Aoun, but the pair could not reach an agreement regarding the Cabinet formation.

Hence, the country is still without a government since August of last year, which has caused Lebanon to lose multiple chances to unlock billions of dollars in aid that would carry it and its nation to safety.

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Lebanese Pound Exchange Rate Reaches 9,500 LBP

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