Lebanese pound drops slightly against dollar

Trading at around LL6,450 over the weekend, the pound slightly decreased in value into the new week

  
A customer wearing gloves holds Lebanese pounds at a currency exchange store, during a countrywide lockdown to combat the spread of coronavirus disease (COVID-19) in Beirut, Lebanon April 3, 2020.

A customer wearing gloves holds Lebanese pounds at a currency exchange store, during a countrywide lockdown to combat the spread of coronavirus disease (COVID-19) in Beirut, Lebanon April 3, 2020.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound dropped in value against the dollar Monday, trading at around LL6,650 on the black market, as crisis-ridden Lebanon awaits a new government to be formed.

Trading at around LL6,450 over the weekend, the pound slightly decreased in value into the new week, with black market exchangers selling it for LL6,700 and buying it for LL6,600.

Markets reacted positively to the appointment of Prime Minister-designate Saad Hariri last Thursday, as the pound surged in value.

Hariri has since been moving quickly to form the much-needed government that is expected to steer Lebanon out of its catastrophic economic and financial situation and implement reforms to unlock vital foreign assistance.

As government formation processes are notoriously long, mired with haggling over sectarian shares, the public waits to see how quickly Hariri will form the new Cabinet at such a critical time for the country, and questions remain over whether Hariri will be able to secure Parliament's confidence vote.

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