Lebanese pound rises as Hariri stays in premiership race

Black market exchangers were selling the dollar for as high as LL7,900 and buying it for around LL7,800

  
A customer wearing gloves holds Lebanese pounds at a currency exchange store, during a countrywide lockdown to combat the spread of coronavirus disease (COVID-19) in Beirut, Lebanon April 3, 2020.

A customer wearing gloves holds Lebanese pounds at a currency exchange store, during a countrywide lockdown to combat the spread of coronavirus disease (COVID-19) in Beirut, Lebanon April 3, 2020.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound rose against the dollar Friday, trading at around LL7,850 on the black market, as former Prime Minister Saad Hariri remained the front runner to head the next government despite delays in parliamentary consultations.

Black market exchangers were selling the dollar for as high as LL7,900 and buying it for around LL7,800.

The pound had dropped against the dollar Thursday, trading at LL8,150, after parliamentary consultations to designate a new prime minister were postponed. But despite the delay, local media reported Friday that Hariri said he was still in the race to reclaim the premiership.

President Michel Aoun announced last minute the postponement of the binding consultations to designate a new prime minister until Oct. 22. due to a lack of support for Hariri from leading Christian parties.

Lebanon, while in the middle of its worst economic and financial crisis in decades, has been without a government since caretaker Prime Minister Hassan Diab submitted his Cabinet’s resignation on Aug. 10 over the deadly explosion that hit Beirut Port.

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