BEIRUT: The Lebanese pound gained on the black market Monday, trading at LL18,750 against the dollar, buoyed by the imminent appointment of a new prime minister-designate in the crises-hit country.

Exchange dealers said they were buying the greenback for LL18,700 and selling it for LL18,800, compared to LL19,700-LL19,800 Saturday. The local currency hit a record low of 23,500 earlier this month.

The pound's rally comes as President Michel Aoun is set to appoint later Monday former Prime Minister Najib Mikati to form a new Cabinet after binding consultations with parliament.

With leaders under intense French pressure, Mikati is then expected to form a government charged with implementing reforms, restarting negotiations with the International Monetary Fund over a rescue package and supervising next year's parliamentary elections.

The local currency has lost more than 90 percent of its value since late 2019 as the country plunged into its worst financial and economic crisis in modern times, pushing more than half the population under the poverty line.

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