Lebanese pound marginally rises, trading at LL8,275

Black market exchangers Friday were selling the dollar for LL8,300 and buying it for LL8,250

  
A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020.

A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound marginally rose against the dollar Friday, trading at around LL8,275 on the black market, as Prime Minister-designate Saad Hariri vowed to name those blocking his attempts to form a government of specialists if obstruction persisted.

Black market exchangers Friday were selling the dollar for LL8,300 and buying it for LL8,250, up from an average of LL8,450 Thursday.

The recent decline of the pound -- it breached LL8,000 to the dollar Wednesday for first time in four weeks -- comes as the Cabinet formation process remained at a standstill, with no solutions to be found.

The pound rose against the dollar when Hariri was first appointed to form a government in October, trading at around LL7,150 on the black market.

However, hopes for a quick formation were dashed when rival political factions began disagreeing over their shares in the Cabinet.

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