Lebanese Pound Up on Black Market, Say Dealers

  • Economics
Lebanese Pound Up on Black Market, Say Dealers

The Lebanese pound was up on Monday, trading at 18,150 to the dollar on the black market.

Exchange dealers said they were buying the dollar for LL18,100 and selling it at LL18,200, an increase from Saturday when the pound was trading at LL18,550 to the dollar after stalled government talks caused it to plunge.

The rise comes after Prime Minister-designate Najib Mikati is thought to be considering a 14-member "salvation cabinet' as a way to save faltering cabinet formation talks with President Michel Aoun. Lebanon has been without a government since August 2020, and Mikati and Aoun have been unable to agree a way forward after over a month of talks.

A new government is an essential first step to unlock international aid, desperately needed as Lebanon grapples with an economic crisis causing shortages of essentials and rising poverty rates, posing the greatest threat to internal security since the 1975-1990 civil war.

Source: The Daily Star