Local

Lebanese pound slightly down after big rally

A man counts Lebanese pounds at an exchange office in Beirut, Oct. 1, 2020. (The Daily Star/Mohamad Azakir)

BEIRUT: The Lebanese pound edged lower Saturday, trading at 16,050 to the dollar on the black market, a day after it surged around 10 percent on the formation of a new government.

Exchange dealers said they were buying the greenback at LL16,000 and selling it for LL16,100. The pound rose by over LL2,000 Friday, trading at 15,750.

The rally came after a new government led by Prime Minister Najib Mikati was announced.

Crisis-hit Lebanon had been left 13 months without a fully functioning government, while enduring an economic crisis that has seen seen the pound lose 90 percent of its value and plunging living standards. The release of international aid, vital to alleviate crippling shortages, has long been conditional on the formation of a new government in Lebanon.

 

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