Lebanese pound rises along with hopes for govt formation

Black market exchangers were selling the pound for LL7,800 and buying it for LL7,700

  
A woman counts U.S. dollar banknotes as Lebanese pounds are pictured in the background at a currency exchange shop in Beirut, Lebanon April 3, 2020.

A woman counts U.S. dollar banknotes as Lebanese pounds are pictured in the background at a currency exchange shop in Beirut, Lebanon April 3, 2020.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound rose against the dollar Tuesday, trading at around LL7,750 on the black market as hope grew that Prime Minister-designate Saad Hariri would present a draft Cabinet lineup this week.

Black market exchangers were selling the pound for LL7,800 and buying it for LL7,700. The pound has been slowly rising against the dollar in recent days after reports that Hariri is expected to meet with President Michel Aoun this week to present him with a draft Cabinet lineup in attempt to break a political deadlock.

The pound traded for LL8,150 on the black market Monday, rising from LL8,300, two days ahead of a conference about aid to Beirut, hosted by France and the UN, is set to take place.

France and the UN are set to host a new aid conference Wednesday after Beirut’s devastating port explosion in August, while government formation efforts in Lebanon remain at a standstill.

In his latest plea to Lebanese leaders to form a new government, French President Emmanuel Macron, in a letter last week to President Michel Aoun, stressed that the implementation of the French road map was essential to attracting international aid and averting Lebanon’s economic collapse.

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