Lebanese Pound Just Went Up As Govt Formation Resumes

reuters

The Lebanese pound went slightly up on Tuesday, trading at around 7,050 LL on the black market after Prime Minister-designate Saad Hariri met with President Aoun the night before, pushing forward the process of the government formation.

Black market traders were selling the dollar for around 7,100 LL and buying it for 7,000 LL. As an indication, the dollar was trading at around 8,800 LL in September.

However, the Lebanese pound hit its lowest value reaching as low as 6,400 LL in early October after Saad Hariri was appointed Prime Minister yet again.

A new government formation was expected to be announced over the weekend or early this week.

However, the process hit a halt as demands were vocalized by rival parties, including those by President Aoun and his political party to control three key ministries: interior, defense, and justice.

Nevertheless, Hariri’s meeting with Aoun on Monday hinted at a probable smoother government formation process.

This comes as Lebanon remains in political vacuum, after caretaker Prime Minister Hassan Diab’s resigned on August 10th in the aftermath of the Beirut Port explosion.