Lebanese Pound Fluctuates With Hariri’s Return

TDS/Mohammad Azakir

With Prime Minister-designate Saad Hariri back in Lebanon, the Lebanese pound, or Lira, began fluctuating against the dollar, which is nothing new.

On Friday morning, exchange dealers sold the dollar for 8,900 LBP and bought it for 8,800 LBP – a noticeable drop of the Lira compared to the day before.

However, in the afternoon, the Lira rose back trading at 8,775 LBP on the black market with exchange dealers selling the dollar for around 8,800 and buying it for 8,750 LBP.

These fluctuations are nothing new to Lebanon and somehow mirror the fluctuations the government formation.

After meeting French President Emmanuel Macron in Paris this week, Hariri returned to Lebanon and met with Lebanese President Michel Aoun and attempt to relaunch the government formation process.

However, after meeting with Aoun at Baabda Palace, Hariri stated that there were no developments in the process of forming the government, as the two cannot see eye to eye on the Cabinet formation.

Lebanon has been without a government since shortly after the August 4 Beirut Port explosion and citizens have been left to fend for themselves during the country’s worst economic crisis.

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