Lebanese pound rises after Hariri concession

Black market exchangers were selling the dollar for around LL7,600 and LL7,500

  
A money exchange vendor displays Lebanese pound banknotes at his shop in Beirut, Lebanon, August 16, 2018.

A money exchange vendor displays Lebanese pound banknotes at his shop in Beirut, Lebanon, August 16, 2018.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound rose against the dollar Wednesday, trading at LL7,550 on the black market as former Prime Minister Saad Hariri made a concession in a bid to break the Cabinet formation impasse.

Black market exchangers were selling the dollar for around LL7,600 and LL7,500. A significant fall was registered for the pound Tuesday, as it traded for LL8,000 in some areas.

Licensed exchangers were selling the dollar for LL3,900 and buying it for LL3,850, a rate set by the Central Bank that has remained unchanged for months.

Hariri Tuesday said he would agree to an independent Shiite candidate to be named finance minister, eliminating a major obstacle that had held up the formation of a new government by Prime Minister-designate Mustapha Adib for three weeks.

Efforts to from a new government have hit a snag with the leading Shiite parties Amal and Hezbollah have insisted the Finance Ministry be headed by a Shiite despite Adib’s decision to form a government where the sovereign ministries are rotated among the leading sects.

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