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ECONOMIC CRISIS

Economy Ministry inspects Beirut supermarket prices, finds they do not align with gains in lira’s value

Economy Ministry inspects Beirut supermarket prices, finds they do not align with gains in lira’s value

Abou Haidar said that supermarkets that failed to comply with price adjustments might face “greater fines.” (Credit: PHB)

BEIRUT – An inspection of supermarkets in Beirut on Wednesday showed that “the decrease in [product] prices did not match that of the lira exchange rate,” Economy Ministry Director-General Mohamad Abou Haidar said, according to the state-run National News Agency.

Here’s what we know:

    • The general director noted that the lowered lira to US dollar exchange rate, which went “from LL30,000 to around LL20,000,” should be “met with a proportional decrease in prices.” During his survey, Abou Haidar found “flagrant violations in pricing” in response to which “verbal warnings” were issued.

    • Abou Haidar said that supermarkets that failed to comply with price adjustments might face “greater fines.” The director-general affirmed the mobilization of security forces in relation to this matter, including “state security,” whose officers accompanied him during Wednesday’s visits, as well “members of General Security and the Internal Security Forces.”

    • The lira to dollar exchange rate on Wednesday was around LL20,800 after it reached a nadir of LL33,700 in mid-January. Economy Minister Amin Salam had, in response to the lira’s recent appreciation, requested importer and supermarket syndicates to lower their prices. 

BEIRUT – An inspection of supermarkets in Beirut on Wednesday showed that “the decrease in [product] prices did not match that of the lira exchange rate,” Economy Ministry Director-General Mohamad Abou Haidar said, according to the state-run National News Agency.Here’s what we know:     • The general director noted that the lowered lira to US dollar exchange rate, which went...