Lebanese Pound Stable After Rising Slightly From Its Record Low

The Lira exchange rate rose slightly from its lowest recorded value on the black market in over 7 months.

Trading at around 9,605 LBP on Sunday, black market traders were selling the dollar for 9,630 LBP and buying it for 9,580 LBP.

The Lira has been in a freefall for over a year reaching its lowest value on Friday and rose slightly on Saturday remaining relatively stable on Sunday.

Prices of goods are skyrocketing and wages are at an all-time low as the long-neglected economic crisis continues to expand. The devaluation of the national currency can be stopped if a government is formed.

Lebanon has been without a government since after the Beirut Port Explosion. Prime Minister-designate Saad Hariri has been tasked with forming a rescue government in line with the French initiative.

However, this is proving to be impossible as President Michel Aoun continues to reject Hariri’s proposals in what has materialized as an unshakable deadlock.

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