On Wednesday, the Lebanese pound just dropped significantly against the dollar on the black market, reaching its lowest ‘jaw-dropping’ value in 2021.
The Lebanese pound is trading at 9,150 LBP on the black market, marking the lowest value of the lira since spring last year. At the time of writing, black market exchange dealers were selling the dollar for 9,175 LBP and buying it for 9,125 LBP.
The exchange rate was fluctuating slightly holding on to the hope that Prime Minister-designate Saad Hariri will be able to form a Cabinet of nonpartisan specialists capable of implementing reforms needed to take Lebanon out of its crises.
However, differences between himself and President Michel Aoun have been prolonging the formation of a government that had the potential to unlock billions of dollars in aid for Lebanon.
In addition, French President Emmanuel Macron has postponed sending an envoy to Lebanon out of frustration with Lebanese politicians.
Moreover, Hariri has flown out of Lebanon once again, further leaving the country in a governmental void. It has been over six months since Lebanon had a government.
