For the second day in a row, the Lebanese pound is recording a rise against the US dollar on the black market after the exchange rate remained stable for a week.
Black market traders are currently selling the dollar for 11,600 LBP and buying it for 11,500 LBP after it was trading for around 12,375 LBP yesterday.
Before the slight rise recorded yesterday and today, the Lira’s exchange rate remained stable and recorded no major changes while trading around 12,700 LBP per dollar.
The rise in the value of the Lebanese pound may be attributed to heightened efforts by local politicians to form a government once and for all.
Officials are standing in support of a solution, proposed by Progressive Socialist Party leader Walid Jumblatt, that could break the months-long government formation deadlock.
The officials seem to be moved by a threat of sanctions from the United States and Europe as well as pressures by Arab and Western diplomats.
In a controversial statement, Lebanon’s President Michel Aoun also expressed regret and frustration, saying he wished he inherited his grandfather’s garden and never became president.
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Lebanese Pound Continues Rising As Officials Step Up Efforts To Form Government