For another day this week, the Lebanese pound rose against the dollar on the black market. This comes after the price of the dollar had reached its record-high earlier this week.
On Friday afternoon, black market traders were selling the dollar for 10,200 LBP and buying it for 10,100 LBP. This is a sharp drop in the price of the dollar that exceeded 15,000 LBP days ago.
People have taken to the streets in light of the rapidly changing exchange rate to protest the instability and dire situation in the country.
Additionally, according to an unnamed French diplomat, the United States and Europe may begin slapping sanctions on those who obstruct the country’s political progress.
President Michel Aoun and Prime Minister-designate Saad Hariri have agreed to meet Monday to decide on a plan that could make way for the formation of a rescue government Lebanon desperately needs.