The Lebanese Pound Rises Slightly Against The Dollar

Alexander Mils

After an immediate spike in the price of the US dollar on Monday, the Lebanese pound or Lira is slowly rising slightly against the greenback.

On Wednesday, black market traders were selling the dollar for around 12,900 LBP and buying it for as much as 12,800 LBP.

This noticeable change in the exchange rate comes after the dollar price jumped to around 14,000 LBP on Monday after President Michel Aoun and Prime Minister-designate Saad Hariri failed again to form a government.

Over a week ago, the dollar reached a record-breaking price of over 15,000 LBP and then began dropping to around 10,000 LBP in anticipation of the Aoun-Hariri meeting.

With the unstable exchange rate, the Economy Ministry decided to increase the price of Lebanese bread, making it the fourth time in less than a year.

People have also noticed a dramatic price hike in other basic commodities such as eggs and chicken, causing activists to launch a boycotting campaign to pressure merchants to lower their prices.

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