Lebanese Pound Rises Sightly Against The Dollar

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

The Lebanese pound rose slightly against the US dollar on Wednesday after remaining somewhat stable on the black market for several days.

Black market traders were selling the dollar for 12,400 LBP and buying it for 12,350 LBP on Wednesday afternoon.

For some days before this, the Lira’s exchange rate was somewhat stable and not recording major changes trading around 12,700 LBP per dollar.

That came after major fluctuations when the price of the dollar jumped from around 11,000 LBP to 14,000 LBP last Monday after a failed government formation meeting between Prime Minister-designate Saad Hariri and President Michel Aoun.

As the economy continues to collapse amidst the political conflict surrounding the government formation, a certain panic was noted among some politicians this week, notably the speaker of the parliament Nabih Berri who compared Lebanon to the sinking Titanic.

Meanwhile, prices of essentials continue to rise in the market, including some local products like fruits.

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