Pound maintains rise as Hariri designation nears

Black market exchangers were selling the dollar for LL7,450 and buying it for around LL7,350

  
A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020.

A man counts Lebanese pounds at a currency exchange shop in Beirut, Lebanon October 1, 2020.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound maintained its rise against the dollar Wednesday, trading at around LL7,400 on the black market as former Prime Minister Saad Hariri is set to be designated to form a new government this week.

Black market exchangers were selling the dollar for LL7,450 and buying it for around LL7,350. The pound made significant gains Tuesday, trading at LL7,450, up from LL7,800 in recent days, as binding parliamentary consultations to name a new prime minister are set to be held Thursday.

Hariri is assured of gaining the support of a parliamentary majority sufficient to designate him to form a new government during binding parliamentary consultations, despite opposition from the Free Patriotic Movement and the Lebanese Forces.

A source at Baabda Palace Tuesday said the binding consultations would proceed as scheduled, ruling out any new postponement. “The consultations will take place as planned Thursday and all indications show that Prime Minister Saad Hariri will be designated to form a new government in the absence of a serious Sunni candidate,” a source told The Daily Star.

President Michel Aoun is set to deliver a televised speech Wednesday noon to discuss latest developments, his office said.

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