The Daily Star — BEIRUT: The Lebanese pound rose on the black market Thursday, trading at LL11,950 against the dollar, on reports the country’s top two leaders would meet soon in a bid to revive efforts to form a new government. Exchange dealers were selling the dollar for LL12,000 and buying it for LL11,900, compared to LL14,100 Wednesday. The pound Tuesday hit a record low of LL15,100 to the greenback.

Dealers attributed the gains in the local currency to positive remarks by Prime Minister-designate Saad Hariri after meeting President Michel Aoun regarding the formation of a new government that would be entrusted to halt the collapse of Lebanon’s economy and regain the trust of the international community. The pound had started the day up to LL12,950 to the dollar on reports the two leaders would meet within hours to push for the formation of a new Cabinet. The pound has lost 90 percent of its value since October 2019, pushing more than half of the country’s 6 million population into poverty.