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finance & economyDecember 5, 2021

Lira Regains Some of Its Value after Kordahi's Resignation

The plummeting Lebanese pound on Friday regained some of its value against the dollar after dropping to a record low last week, after Information Minister George Kordahi announced his resignation, in a move that could defuse a major diplomatic crisis with Gulf countries.

The pound, also known as lira, was trading at about 22,000 to the greenback, up from more than 25,000 just days earlier.

Kordahi's announcement coincided with a visit to the Gulf by French President Emmanuel Macron, who has spearheaded international efforts to help Lebanon out of its worst ever economic downturn.