Lebanese pound further falls against dollar

Black market exchangers were selling the pound for LL8,100 and buying it for around LL8,000

  
A man wearing a face mask takes Lebanese pound banknotes at a currency exchange shop in Beirut, Lebanon April 24, 2020.

A man wearing a face mask takes Lebanese pound banknotes at a currency exchange shop in Beirut, Lebanon April 24, 2020.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound fell against the dollar Wednesday, trading at around LL8,050 on the black market after reports emerged that President Michel Aoun would likely reject a Cabinet lineup presented by the prime minister-designate.

Black market exchangers were selling the pound for LL8,100 and buying it for around LL8,000. The pound’s retreat came after it had started to slowly rise against the dollar in recent days, after reports that Prime Minister-designate Saad Hariri was set to meet Aoun. It was trading at around LL7,750 just Tuesday.

Hariri is set to present Aoun with a draft Cabinet lineup amid enduring differences over the naming of Christian ministers, the issue that raised fears of the lineup being rejected by Aoun.

The prolonged government formation impasse comes as France and the United Nations are set to host a conference dedicated for Lebanon Wednesday, to provide humanitarian aid to the country in the aftermath of the unprecedented Aug. 4 blast that left half the capital in ruins.

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