When Caroline buys handouts for groceries in The Lebanese capital, Beirut, keeps its phone in hand – not checking her shopping list But to account for escalating costs of Goods are now priced at volatile exchange rates that vary according to store and sector.
As in Lebanon economy Continue to collapse, Matrix of conversion rate for The local pound appeared, which complicated personal accounting and undermined hopes of fulfillment of the repair condition set out from the International Monetary Fund.
the government’s official exchange rate He was set For 15,000 pounds to the United States dollar in February, nearly 90% off the price of the long-running peg of 1507.5.
But the central bank Sell dollars at a price rate of 79,000 dollars while financing minister intends to calculate tariffs for Imported goods worth 45 thousand pounds.
parallel market rate Meanwhile, it hovers around 107,000 pounds and changes daily. Supermarkets and gas stations required to post Signs with the value they adopted for Today, however rate That changes fast Lots of pricing in Relatively stable United States dollar instead.
Check the can of Tuna, explained daily predicament charity faced by shoppers. This has no (logical) price. If you look, it is in ll, that is price? Or is this old priceand there now price in dollar? “
She quits her job as a teacher who was paying her in local currency, value of which decreased by over 98% against the dollar on parallel market Since 2019.
That’s when economy Decades later, the collapse began of Not safe financial Politics and alleged corruption.
to solve exchange rate confusion government It needs implementation one unified rate. This is among the preconditions set By the International Monetary Fund approximately a year since for Lebanon will receive a $3 billion bailout plan.
But the lender of last Refuge says Repairs were very slow. they have met resistance from politicians who Protection of private interests and prevarication accountability.
Meanwhile, the country moving About a cash basis and dollars economy Due to spiraling inflation and restrictions imposed by banks on transactions.
Mahmoud al-Shaar, owner of the shop, told Reuters of the stock exchange rate He was changing like this fast it him business was losing money Overnight.
Like a lot business Owners, Chaar has to pay in US dollars to import goods but sell in ll. One day, he sold all of his goods on one rate But get up up the next To find that she jumped nearly 10,000 pounds per US dollar.
Basically, we lost in exchange rate The difference is what we had made in Shaar told Reuters.
Economist Samir Nasr said the varying rates across sectors make personal accounting “messy.” for The Lebanese and their unification was more urgent than ever.
“What is it required he full group of reforms and steps that will allow for The economic situation is stable in general – And then allow exchange rate Let us be united.”
