Lebanese Pound Back Down As Government Formation On Hold Until 2021

Reuters/Mohamed Azakir | Nabil Ismail

The Lebanese pound took a steep fall after Prime Minister-designate announced that there will be no new government until 2021.

The lira is trading at 8,400 LBP on the black market on Thursday. Black market dealers sold the dollar for 8,450 LBP and bought it at 8,350 LBP.

Earlier this week, the lira rose significantly when, after his meeting with President Aoun, Hariri said he felt positive there would be a “government formula” before Christmas.

The change of heart after their most recent meeting brought the lira back down. As if Lebanon could afford to wait longer, the government formation talks will be on hold until after the holidays.

The Daily Star/Dalati Nohra, HO

Speaking from Baabda Palace on Wednesday, Hariri asked officials to think about the people and citizens in need and those affected by the blast, and about the greatness of Lebanon.

โ€œWe can stop the collapse, but we must be humble and think about the countryโ€™s interest,โ€ he said, adding that a rescue government of nonpartisan specialists must be formed after New Year’s.

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Lebanese Pound Back Down As Government Formation On Hold Until 2021

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