The Lebanese Lira Continues Rising Against The Dollar For The 2nd Day

The Lebanese pound is still gaining back value against the dollar for the second day after a failed government formation meeting caused the price of the dollar to spike.

On Thursday, black market traders are selling the dollar for 12,700 LBP and buying it for 12,600 LBP.

On Monday, Prime Minister-designate Saad Hariri stormed out angrily from a meeting with President Michel Aoun to declare that they failed yet again to agree on a Cabinet formation.

This caused the exchange rate to jump with the dollar going from around 11,000 LBP to 14,000 LBP in a matter of minutes sparking panic across the country.

However, as the week developed, the exchange rate slowly shifted and the local currency began rising against the greenback.

It’s worth noting that the Lira reached its all-time low about two weeks ago when it surpassed 15,000 LBP on the black market.

For decades, the dollar traded for around 1,500 LBP, which is still the official government rate today.

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