BEIRUT -- Prime Minister Najib Mikati and President Michel Aoun discussed on Friday in Baabda the “negative repercussions” of Banque du Liban (BDL) decision to increase the bank withdrawal exchange rate of “lollars” or “Lebanese dollars” from LL3,900 to LL8,000.
Here's what we know:
• According to a statement issued by the presidential palace, Aoun and Mikati discussed the Prime Minister’s visit to Egypt on Thursday. They also discussed the socio-economic situation after BDL issued its new circular and the devaluation of the Lebanese lira on the parallel market.
• The Lebanese lira was trading at a new low of LL26,000 per the dollar Friday.
• Aoun and Mikati discussed the cabinet paralysis “which negatively impacts government work and the performance of ministries and public administrations and harms the interests of citizens.”
• The government has not met since Oct. 12 due to a dispute between political blocs in relation to the Beirut port blast probe.