Lebanese pound rises against dollar

SectorFinancial Markets

BEIRUT: The Lebanese pound rose against the dollar Tuesday, trading at around LL7,500 on the black market as officials intensified talks on the formation of a new government.Unlicensed currency exchangers were selling the dollar for LL7,550 and buying it for LL7,475 while licensed traders continued to buy and sell the dollar at LL3,850 and LL3,900 respectively.The pound had been trading at as high as LL7,700 to the dollar Monday.Government formation talks hit a snag over the weekend after the country’s main Shiite parties Amal and Hezbollah insisted a person from their sect is appointed as finance minister, a demand that contradicts Prime Minister-designate Mustapha Adib’s aim to rotate key ministries among the leading parties.After meeting with Adib Monday, President Michel Aoun began further consultations with heads of parliamentary blocs to ...read more...