The new week started off on a positive note as the Lebanese pound recorded a slight rise against the dollar.
The pound was trading at around 8,050 LBP around noon on Monday. Black market traders were buying the dollar for 8,000 LBP and selling for 8,075 LBP.
Recently, the pound had hit its lowest rate in a month. The dollar surpassed 8,000 LBP for the first time since Future Movement leader Saad Hariri was elected Prime Minister-designate.
It’s worth noting that the pound rose significantly against the dollar when he was nominated. However, it dropped as complications in government formation emerged.
This time, the rise comes with news that Hariri will meet soon with President Aoun to present a draft Cabinet lineup.
It will be the first time Hariri presents a draft since he was nominated, turning the wheels to finally forming a government.
Additionally, the drop comes ahead of France’s international aid conference to provide help for Lebanon’s ailing economy.
The video conference is set to launch on Wednesday, December 2nd.
With the holiday season coming up, one can only be hopeful that these positive vibes carry on through the month of December.
