Lebanon's pound marginally rises, trading at LL8,225

Black market exchangers were selling the dollar for LL8,250 and buying it for LL8,200

  
U.S. dollar banknotes and Lebanese pounds are pictured at a currency exchange shop in Beirut, Lebanon April 24, 2020. Image used for illustrator purpose

U.S. dollar banknotes and Lebanese pounds are pictured at a currency exchange shop in Beirut, Lebanon April 24, 2020. Image used for illustrator purpose

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound marginally rose against the dollar Wednesday, trading at around LL 8,225 on the black market as local and foreign powers planned to step up their efforts in an attempt to break the weekslong Cabinet deadlock.

Black market exchangers were selling the dollar for LL8,250 and buying it for LL8,200. The pound traded at around LL8,300 over the Lebanese Independence Day weekend and remained stable until Tuesday.

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.

However, plans of intensifying efforts among rival Lebanese factions as well as between foreign and internal players revive the hope of making a breakthrough in the prolonged Cabinet impasse.

The pound rose against the dollar when Prime Minister-designate Saad Hariri was first appointed to form a government in October, trading at around LL7,150 on the black market. However, hopes for a quick formation were dashed when rival political factions began disagreeing over their shares in the Cabinet.

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