Lebanese Pound Rises Slightly With New Efforts To Claim Lebanon’s Maritime Border

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

The Lebanese pound or Lira rose slightly on Monday, coinciding with new efforts by Lebanon to expand its claim on the maritime border with Israel.

On Monday afternoon, black market traders were selling the dollar for 12,700 LBP and buying it for 12,600 LBP. This rise of the Lira comes after the exchange rate had reached a 13,000 LBP on Sunday.

The rise coincides with the fact that the caretaker Minister of Public Works and Transport Michel Najjar, on Monday, signed a decree that expands Lebanon’s claim in its maritime border dispute with Israel.

This comes after maritime border negotiations with Israel went dry after it blamed Lebanon for changing its position in talks, warning that such action would lead to a dead-end.

Now, the document will officially claim an additional 1,430 square kilometers in the disputed waters off Lebanon’s southern coast.

In addition, Lebanon recently discussed its northern maritime border issue with Syria after it was reportedly preparing to start oil exploration in a block in Lebanon’s territorial waters.

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