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Lebanese pound up as parliament set to ratify govt

Lebanese pounds and dollars are seen at an exchange shop in Beirut, April 24, 2020. (The Daily Star/Mohamad Azakir)

BEIRUT: The Lebanese pound was up Monday, trading at 14,250 to the dollar on the black market, exchange dealers said.

The greenback was being bought for LL14,200 and sold for LL14, 300, up from Saturday when the dollar was worth LL14,950.

The boost in confidence comes as parliament meet Monday morning to debate the newly formed government's policy statement, before a vote of confidence is held in the evening. The government is expected to win majority support, with a source telling the Daily Star Sunday that over 90 MPs are expected to vote for the new administration.

With the confidence of parliament, it is hoped that Prime Minister Najib Mikati's cabinet will begin talks with the IMF and international partners to secure international aid for Lebanon, which has been suffering from a serious economic crisis since 2019.

The crisis has cost the pound 90 percent of its value and pushed more than 70 percent of the population under the poverty line.

 

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