BEIRUT: The Lebanese pound remained stable Monday, trading at around LL7,800 on the black market, as the date of the consultations to designate a new prime minister approaches.

The pound remained unchanged over the weekend and into the new week, as black market currency exchangers sold the dollar for around LL7,850 and bought it for LL7,750.

President Michel Aoun had announced in the last minute Wednesday the postponement of the binding consultations to designate a new prime minister until Oct. 22. due to a lack of support for former premier Saad Hariri from leading Christian parties. Hariri remains a strong favorite for the post.

Lebanon has been without a government for more than two months, as the current Cabinet continues its duties with limited authority to enact any new policies.

Meanwhile a diplomatic source revealed to The Daily Star Sunday that French President Emmanuel Macron is outraged by Lebanese political leaders failure to act quickly to form a new government and has therefore decided to wash his hands of the Lebanese crisis for now.

However, despite Macrons frustration with rival Lebanese politicians lack of seriousness in dealing with the countrys worst economic and financial crunch in decades, the French initiative to rescue Lebanon from a series of multiple crises is still alive, the source said.

Copyright 2020, The Daily Star. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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