Lebanese pound stable despite govt. formation deadlocked

Black market currency exchangers Monday were selling the dollar for LL7,700 and buying it for LL7,600

  
A money exchange vendor counts Lebanese pound banknotes at a currency exchange shop in Beirut, Lebanon June 17, 2020.

A money exchange vendor counts Lebanese pound banknotes at a currency exchange shop in Beirut, Lebanon June 17, 2020.

REUTERS/Mohamed Azakir

BEIRUT: The Lebanese pound was unchanged on the black market Monday as Prime Minister-designate Mustapha Adib called on the country’s leading parties to cooperate before the country sinks into deeper crises.

Black market currency exchangers Monday were selling the dollar for LL7,700 and buying it for LL7,600.

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.

Lebanon is facing its worst economic and financial crisis in decades with the local currency taking a nosedive in the past year losing more than 80 percent of its value, the banking system becoming paralyzed and poverty rates rising.

With the current government in caretaker capacity for over a month, and politicians feuding and delaying the new Cabinet formation process, no decisive and substantial decision can be made to start pulling Lebanon out of its multiple crises.

Adib called on the country’s leading parties to facilitate the formation of the mission government as the process hit a wall, warning that additional delays will exacerbate the crisis and push more people into poverty.

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