Historic Decline of the Lebanese Lira After Hariri's Apology

The Lebanese lira recorded a new historic decline in exchange rate against the US dollar following Saad Hariri's apology for forming the government on Thursday afternoon. The exchange rate of the Lebanese lira surpassed 20,000 against the dollar after Hariri's announcement. Last week, the lira had already reached an unprecedented low of 19,400 lira per US dollar. The Lebanese prime minister-designate apologized for forming the government after his meeting with President Michel Aoun. During a press conference following his meeting with Aoun, Hariri stated briefly that he had not reached an agreement with the president, saying: "It is clear that we will not be able to reach an agreement." Lebanon is experiencing an economic crisis, with the World Bank warning this month that it is ranked among the top ten severest crises, and possibly among the three worst since the mid-19th century, criticizing the official inaction in implementing any rescue policy amid political paralysis.