BEIRUT: The Lebanese pound rose on the black market again Friday, trading at LL11,400 against the dollar, on hopes a new government would be formed as early as Monday.
Exchange dealers were selling the dollar for LL11,500 and buying it for LL11,300, compared to LL11,950 Thursday. The pound Tuesday hit a record low of LL15,100 to the greenback.
Dealers attributed the sharp gains over the past two days to positive remarks by Prime Minister-designate Saad Hariri after meeting President Michel Aoun Thursday regarding the formation of a new government that would be entrusted to halt the collapse of Lebanon’s economy and regain the trust of the international community.
The pound has lost 90 percent of its value since October 2019, pushing more than half of the country’s 6 million population into poverty.
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