BEIRUT: The Lebanese pound fell against the dollar Monday as political differences mired efforts to form a new government tasked with leading the country out of crisis.

Unlicensed currency exchangers were selling the dollar for LL7,700 and buying it for LL7,500, while licensed traders continued to buy and sell the dollar at LL3,850 and LL3,900 respectively.

The pound had been trading at around LL7,475 to the dollar Saturday.

Prime Minister-designate Mustapha Adib had been expected to present his proposed Cabinet lineup to President Michel Aoun Monday, but this did not happen when the pair met at Baabda Palace. Adib instead said that he had met Aoun for further consultations on the matter.

Efforts to from a new government have hit a snag with Parliament Speaker Nabih Berri insisting that the Finance Ministry be retained by the Shiite sect. He said Sunday that his party, the Amal Movement, would not participate in Adibs new government due to Adibs insistence that the Finance Ministrys leadership be rotated among the sects along with the Interior, Defense and Foreign ministries.

The Free Patriotic Movement, the Future Movement, the Progressive Socialist Party and the Lebanese Forces have all said that they will not participate in Adibs new government.

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