Lebanese Pound Stable Against The Dollar After Large Fluctuations

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.
Hasan Shaaban/Bloomberg

Offering a change of pace to the heavy fluctuations, the Lebanese pound remained stable against the US dollar on Saturday.

On Sunday, black market traders were selling the dollar for around 12,700 LBP and buying it for around 12,600 LBP.

This is similar to the exchange rate on Thursday, Friday, and Saturday when the Lebanese pound rose for the second day after the dollar price suddenly jumped.

The price of the dollar went from around 11,000 LBP to 14,000 LBP immediately after a meeting between Prime Minister-designate Saad Hariri and President Michel Aoun on Monday during which they failed to agree on a Cabinet formation.

While the Lira is showing signs of slightly regaining a certain value against the dollar, the financial situation has gone from bad to unbearable.

People’s money is still stuck in Lebanese banks, fights are breaking out in supermarkets over subsidized goods, theft is on the rise, politicians are putting their interests ahead of the greater good of the country, and, worst yet, Israel is reportedly preparing for a possible war to combat Hezbollah.

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