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The Lebanese pound began to rise against the U.S. dollar after Prime Minister-designate Najib Mikati revealed that the next Lebanese government would be announced on Friday afternoon.
Following Mikati’s announcement, the dollar dropped on the black market and began selling at around 17,000 Lebanese pounds.
The lira had dropped to a record low of over LBP 23,000/USD back in July when former PM-designate Saad Hariri announced his resignation, following a months-long attempt at forming a government.
In the past week, the collapsing currency fluctuated around 18,000-19,000 Lebanese pounds per U.S. dollar before the rate dipped below 18,000 with the anticipation of a new government on Friday.