BEIRUT: The Lebanese pound remained stable against the US dollar Monday, trading at LL8,950 on the black market, as hopes were renewed on the stalled government formation issue after France renewed its commitment to help the troubled country.

Exchange dealers were selling the greenback for LL9,000 and buying it for LL8,900. The dollar was traded at the same rate over the weekend.

Lebanon, now in its sixth month of political vacuum, awaits a new government while its economy crumbles and more people fall below the poverty line. Disagreements among leaders over shares and sectarian representation have marred the formation process.

As fears were raised over a prolonged Cabinet formation stand-off, which threatened to further deteriorate Lebanons fragile situation, French President Emmanuel Macron renewed his support for the country over the weekend and confirmed he would pay a third visit to follow up on the situation.

He reaffirmed his continued interest in assisting Lebanon to President Michel Aoun in a phone call Saturday.

The Lebanese pound did not rise in value over this positive development, as many regard French intervention the only remaining option to break the government deadlock. However neither did a further decline in the pounds value materialize, as expected last week when clashes erupted in Tripoli over living conditions and the lockdown, with the pound falling only by a small margin only.

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