No Major Fluctuations With The Lebanese Pound Today

Mohamed Azakir/ Reuters

The Lebanese pound is rising again against the dollar as Lebanon hopes to welcome a new government very soon.

The pound was trading at around 6,700 LBP Friday on the black market and remained stable on Saturday (at the time of writing), slightly rising from the slump when it traded at around 6,900 LBP earlier this week.

Before that, the Lebanese pound rose against the dollar after three-time former premier Saad Hariri was nominated PM-designate

Doubts were looming over the achievement of the new government formation. However, it seems to be coming quicker than expected.

Currently, the final touches are reportedly being put on the draft Cabinet lineup. According to local media, the government can be formed by Sunday or Monday.

Hariri’s Cabinet of nonpartisan specialists will attempt to implement reforms that will pull Lebanon out of its crises and improve the general situation.

In light of this, the Lebanese pound is expected to gain value.

While the lira value has been fluctuating non-stop, treading in between 6,000 LBP and 7,000 LBP, it significantly rose since the beginning of October when the lira almost reached 9,000 LBP/dollar.

Perhaps thanks go to France and the international community for putting pressure on Lebanon’s political leaders, causing them to act with swiftness that is unrecognizable.