Lebanon News

Lebanese pound surges after govt pledges deal with IMF

Lebanese pounds and dollars are seen at an exchange shop in Beirut, April 24, 2020. (The Daily Star/Mohamad Azakir)

BEIRUT: The Lebanese pound surged Thursday, trading at 13,650 to the dollar on the black market, after the new government pledged to launch reforms and seek a rescue package from the International Monetary Fund.

Exchange dealers were buying the greenback at LL13,600 and selling it at LL14,700 on the black market. This represents an almost LL2,500 boost since Wednesday.

The pounds surge comes after the publication of a draft policy statement from Lebanon's new government, which is set to be ratified by the cabinet on Thursday.

New Prime Minister Najib Mikati's government says in its statement it will resume negotiations with the IMF while beginning reforms demanded by donors. It will also resume negotiations with creditors over a restructuring of public debt on which Lebanon defaulted last year.

 

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