| 19 May 2024, Sunday |

Lebanon’s pound trades at 12,250 against U.S. dollar

The Lebanese pound recorded little improvement on Wednesday afternoon trading at 12,250/12,300 pounds against the U.S. dollar on the black market compared to at 12,600/12,650 pounds on Wednesday morning, amid a months-long political deadlock, a cabinet stalemate and a financial meltdown in the country.

Early last week, the pound was traded at 11,400/11,600 to the dollar but it began sliding following a meeting between President Michel Aoun and Prime Minister-Designate Saad Hariri who failed to reach any breakthrough over the formation of a new government.

Following the 18th meeting they held, Aoun and Hariri were engaged in a public war of words with each leader releasing a document in proof of his claims, as the country plunges into a dangerous economic crisis.

Meanwhile, numerous shops and supermarkets across the country have locked their doors as they are unable to keep pace with the fluctuating prices of commodities in light of the USD exchange rate that has been changing continuously.

The new slump in the pound, which had hit 10,000 per one dollar three weeks ago, broke a semi-stable margin of around 8,000/8,500 LBP against USD, prompting citizens to block roads with burning tires, venting their anger at the deteriorating economic situation.

The pound remains pegged to the dollar at 1,507.5, but that rate fixed by the central bank remains available only for imports of wheat, medicine and fuel.