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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