Lebanese Pound Drops After Unsuccessful Attempt To Restart Cabinet Formation Talks

TDS/Mohamad Azakir

The Lebanese pound, Lira, has dropped from trading at 8,775 LBP on Friday to currently trading at 8,855 LBP on the black market.

The Lira dropped against the dollar on Saturday with black market exchangers selling the dollar for 8,880 LBP and buying it for 8,830 LBP.

While the Lira rose slightly with the return of Prime Minister-designate Saad Hariri to Lebanon, the drop comes after he reported that there was no progress in the government formation process, after meeting with President Michel Aoun.

Both still cannot come to an agreement over the Cabinet formation. Their disagreements are putting off billions of dollars in financial support from the international community to rescue Lebanon.

However, Lebanon might see slightly better days as it has just received its first shipment of the COVID-19 vaccine and is due to start the vaccination campaign on Sunday.