Lebanese Pound Witnesses Significant Decline Against US Dollar
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The Lebanese pound is declining significantly against the US dollar, following the Saudi move to withdraw its ambassador from the country.
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The Saudi Ministry of Foreign Affairs decided to halt all Lebanese imports into the Kingdom
The Lebanese pound fell against the US dollar significantly, following the Saudi campaign against Lebanon, which included the suspension of imports of Lebanese products.
The dollar rose on the black market Friday evening, to 21,200 Lebanese pounds.
The crisis between Lebanon and Saudi Arabia worsened, and the latter summoned its ambassador to Beirut yesterday evening and asked the Lebanese ambassador to leave the Kingdom within 48 hours.
The Saudi Ministry of Foreign Affairs also decided to stop all Lebanese imports into the Kingdom, amid controversy surrounding the statements made by the Lebanese Minister of Information, George Kordahi, against Saudi Arabia.
In a similar move, Bahrain asked the Lebanese ambassador to exit the country within 48 hours. The Bahraini Ministry of Foreign Affairs indicated that "this decision does not affect the Lebanese residing in the kingdom."
The issue began a few days after George Kordahi's televised statement before he assumed his duties as Minister of Information in Lebanon when he considered that the Yemeni "Ansar Allah" group is practicing self-defense in the face of "external aggression against Yemen for years."
He added, "there is no comparison between Hezbollah's effort to liberate Lebanese land and Ansar Allah's defense in the face of external aggression by Saudi Arabia and the UAE."
What exacerbated the crisis further was Kordahi's refusal to apologize, stressing that he would have apologized for his statements if he had made them while in his official position.
