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Lebanese pound surges after govt formed

A money exchange office in Beirut, March 2, 2021. (The Daily Star/Mohamad Azakir)

BEIRUT: The Lebanese pound surged Friday afternoon, trading at 15,750 to the dollar on the black market, after a new government was formed.

Exchange dealers said they were buying the greenback at LL15,700 and selling it for LL15,800 on Friday afternoon with the pound shooting up by over LL2,000 since the morning, when it was trading at LL18,150.

The pounds rise came after Prime Minister Najib Mikati agreed on a cabinet with President Michel Aoun, over a month after the start of negotiations between the pair.

Lebanon had been without a government since August 2020, whilst enduring an economic crisis that has seen seen the pound lost 90 percent of its value and living standards plunge. The release of international aid, vital to alleviate crippling shortages, has long be conditional on the forming of a new government in Lebanon.

 

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