Lebanese pound falls as political deadlock persists

BEIRUT: The Lebanese pound declined further against the US dollar on the black market Tuesday, trading for LL14,000, after leaders failed to break the government formation deadlock.

Black market exchangers were selling the dollar for LL14,100 and buying it for LL13,900 Tuesday morning. The dollar fell to LL13,500 Monday afternoon from an average of LL11,500 earlier, after the president and prime minister-designate concluded another disappointing meeting over the Cabinet formation and their opposing positions remained unchanged.

The pound hit a record low of LL15,100 to the greenback last week as Lebanon sunk into unchartered waters.

The pound has lost nearly 90 percent of its value since October 2019, pushing more than half of the country’s population of 6 million into poverty.

With no new government that can negotiate a bailout from the International Monetary Fund – Lebanon’s last option to be rescued – the country will sink further into crisis.

Leave a Reply

Your email address will not be published. Required fields are marked *