The exchange rate of the Lebanese pound witnessed a significant increase against the dollar in the market after the announcement of the formation of the new government on Friday, headed by Najib Mikati, after a vacuum that lasted 13 months.
The average exchange rate of the local currency after the announcement of the formation of the new government reached 16,000 Liras to the dollar, with a drop of 3,000 Liras to the dollar, after recording the lowest exchange rate yesterday at 19,000 liras to the dollar.
The lira began to recover part of the value of the exchange rate against the dollar this morning, in conjunction with statements made by Prime Minister Najib Mikati confirming that today will witness the announcement of the formation of the new government. The lira strengthened to an average of 17,500 liras to the dollar, instead of yesterday’s 18,500.
With the official announcement of the formation of the government, the exchange rate of the lira rose to record 15,500 liras to the dollar, before gradually returning to 16,300.
In contrast, the average exchange rate today on the government exchange platform amounted to 15,500 liras per dollar, according to a statement from the Banque Du Liban.
Dealers in the black market expect that the rate of the Lebanese lira will improve depending on the government’s performance during the coming period, as the government must obtain the confidence of the Lebanese Parliament before it begins a comprehensive rescue plan to confront worsening economic and social crises.
In contrast, the official exchange rate in banks remains fixed at 1,507 liras per dollar.