Lebanese pound stable, trading at LL8,300

Black market exchangers were selling the dollar for LL8,350 and buying it for LL8,250

  
Lebanese pound banknotes are seen at a currency exchange shop in Beirut, Lebanon June 15, 2020. Image used for illustrative purpose.

Lebanese pound banknotes are seen at a currency exchange shop in Beirut, Lebanon June 15, 2020. Image used for illustrative purpose.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound remained stable against the dollar Friday, trading at around LL8,300 on the black market as efforts to form a new Cabinet remain stalled.

Black market exchangers were selling the dollar for LL8,350 and buying it for LL8,250. The pound marginally fell against the dollar Thursday, trading at around LL8,350.

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

French President Emmanuel Macron said Thursday that implementation of the French road map in forming a new government is essential to attracting international aid and averting Lebanon’s economic collapse.

Macron, whose country has emerged as the main power broker in Lebanon since the port blast, urged President Michel Aoun to call on all political factions to put aside their sectarian interests for the sake of the country.

Reuters later reported that France would host a video conference on Dec. 2 with international partners to discuss humanitarian aid for Lebanon.

Quoting three sources aware of the matter, Reuters said the meeting, in conjunction with the United Nations, would aim to have the highest-level representation possible with the objective of soliciting aid for the country.

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