Prices in Lebanese markets will be in dollars, not lira

The Lebanese Minister of Commerce, Emin Selam, gave information about the depreciation of the lira against the dollar simultaneously with the economic crisis that has been going on for 3 years, and therefore the new decision they made to prevent products from being sold at exorbitant prices in some markets.

Noting that price tags in all markets in the country will be displayed in dollars instead of lira from March 1, Selam said so that citizens can buy products at the real price.

Minister Selam recalled that the owners of the market had previously opposed the sale of products in dollars and pointed out that they achieved it thanks to a year and a half of struggle.

When informing that payments cannot be made in dollars in cash, the Minister of Economy indicated that the payment will be made in Lebanese liras according to the dollar price (on the black market).

Selam added that some parties manipulated the prices of the products on the shelves, causing manipulation in the market.

THE ECONOMIC CRISIS IN LEBANON AND THE FREEZING OF DEPOSITS

Events such as the demonstrations that began in Lebanon in October 2019, the resignation of the government, the Beirut port explosion, and the Covid-19 outbreak deeply affected the country’s economy.

In an environment of economic crisis that has been going on for about 3.5 years, deposit accounts in dollars in banks were frozen to prevent the melting of foreign currency reserves.

In the country, 1 US dollar traded at 1,500 Lebanese lira in 2019, while the depreciation of the local currency increased simultaneously with successive developments.

While 1 US dollar was 20,000 Lebanese liras in January 2022, it is currently trading at 85,000 liras on the black market and exchange houses. (AA)