The Lebanese Pound Continues Its Rise Against The Dollar With Hariri’s Designation

Anwar Amro/AFP

The Lebanese pound is continuing to rise against the dollar, as the parliament just designated Saad Hariri as the new prime minister this Thursday. 

The Lebanese pound, or lira, rose significantly earlier this week after a short-timed dip that was caused by the postponement of the parliamentary consultations, which finally came through today.

The lira was reportedly trading for just over 7,000 LBP on the black market, with exchangers buying for 7,290 LBP and selling for 7,225 LBP per the dollar.

The value of the lira is expected to continue rising in the days to come.

New PM-designate Hariri, who served as prime minister twice before, will now be tasked with forming a government of specialists to take the country out of its economic perils.

Hariri’s next steps will also have an impact on the lira. However, many Lebanese doubt his ability to bring about any change.

LF leader Samir Geagea echoed this belief saying that Hariri’s designation will have “no result” in the presence of the “ruling trio” aka the leaders of the Free Patriotic Movement, Amal Movement, and Hezbollah.

After all, the trio, along with Hariri, was responsible for the government when the October 17 protests broke out to fight corruption and demand reforms. In fact, Hariri resigned a year ago and just did a 180 turn…