The Dollar Price Jumps In Response To Failed Government Formation Meeting

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

Another failed meeting between Prime Minister-designate Saad Hariri and President Michel Aoun has caused at once a spike in the price of the dollar.

The price of the dollar jumped from around 11,500 LBP to 14,000 LBP on the black market immediately after Hariri left Baabda Palace.

At the time of writing, black market traders are selling the dollar for 14,000 LBP and buying it for 13,500 LBP.

Last week, after the dollar reached a record-breaking price of over 15,000 LBP, it dropped for several days in a row going back down to around 10,000 LBP.

The Lira had gained value in anticipation of Hariri and Aoun‘s new attempt to settle the government formation process once and for all.

This major change in the local currency exchange rate coincides with the reopening of restaurants and gyms in Lebanon, even though coronavirus cases are still high.

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