Lebanese Pound Hits New Lows

TDS/Mohamad Azakir

The Lebanese pound dropped significantly against the dollar since last week as efforts to form a cabinet have come to a steady halt.

On Thursday, the pound was trading around 8,450 LBP on the black market with the dollar being sold for 8,500 LBP and bought for 8,400 LBP by black market traders.

The pound, or lira, had recorded some rise in value when Future Movement leader Saad Hariri was nominated PM-designate in late October. However, as complications emerged over the division of key ministries, the lira began its descend.

Earlier this week, the pound reached its lowest rate in 30 days, and only dropped further. In fact, the dollar surpassed 8,000 LBP for the first time in over a month.

Furthermore, meetings between Lebanon’s leaders are failing to make progress shattering hopes for a swift government formation.

Lebanon has been without a formal government since after the Beirut explosion on August 4 when then-PM Hassan Diab resigned.