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.
The pound began to gain value with the anticipation of positive results in the cabinet formation process earlier on Friday.
After having been trading at around 18,000-19,000 Lebanese pounds per U.S. dollar, Lebanon’s currency climbed in value to reach LBP 17,000/USD.
Later, when Prime Minister Najib Mikati finally took the helm as PM, six weeks after his appointment as PM-designate, the lira rose to around LBP 15,000/USD on the black market, reflecting the positive development in the Lebanese political scene.
This comes after a 13-month long political deadlock that exacerbated Lebanon’s economic meltdown, which the World Bank has deemed among the worst in the world since the mid 19th century.
