| 28 February 2024, Wednesday |

Lebanese pound slides as cabinet formation remains stalled 

Lebanon’s battered currency has continued to slump against the dollar on Thursday with exchange rates of 9450/9500 pounds per dollar in the black market.

The country’s financial meltdown, the biggest crisis since the end of the 1975-1990 civil war, has fueled unrest, locked depositors out of their accounts and sparked a collapse in the currency, which has lost more than 70% of its value against the dollar.

A scarcity of liquidity in the country has been further exacerbated by the COVID-19 pandemic which has overwhelmed all sectors, forcing nationwide lockdowns and curfew orders.

In parallel, political deadlock is still blocking the formation of a new cabinet. The Lebanese parties continue to bicker over their personal interests while the people are grappling with multiple crises, namely power outages, high prices of commodities, monopolistic practices, unemployment, poverty, etc.