Local

Lebanese pound edges up after weekend slump

BEIRUT: The Lebanese pound edged up to LL14,950 to the dollar on Saturday, after falling steeply on Friday when it emerged that the Energy Ministry was raising gasoline prices.

Exchange dealers said they were buying the dollar at LL14,900 and selling it at LL15,000 on the black market, a slight climb from Friday afternoon when the dollar was trading at LL15,450 but still down from Friday morning.

The pound has been making significant gains since a government was agreed on between Prime Minister Najib Mikati and President Michel Aoun after over a month of negotiations. The strengthening follows reports that Lebanon will be receiving $1.39 billion from the International Monetary Fund (IMF) and the arrival of fuel to the country from Iraq and Iran. Lebanon has been dealing with one of the worst economic collapses of modern times since 2019, a period that has seen living standards plummet and severe shortages of basic essentials. It is hoped that the new government will be able to unlock desperately needed international aid.

 

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