Like the fluctuations of October, the dollar exchange rate in the black market experiences volatility, causing chaos in the markets and leaving traders and consumers in a state of confusion, especially regarding the pricing of essential needs and requirements. Following a surprising statement from the Banque du Liban at the end of last week, the exchange rate fell after surpassing the threshold of 40,000 Lebanese pounds to below 35,000, only to rise again to between 36,000 and 37,000 pounds. What will happen to the prices of goods and foodstuffs given these sharp fluctuations?
Hani Bahsali, the head of the Food Importers Syndicate, explains to "Al-Markaziya" that "chaos in the markets always occurs due to sharp fluctuations in the exchange rate. Typically, preparing new price lists and delivering them to stores takes about three to four days. In light of recent developments, we prefer to wait and see what happens to the exchange rate and whether it stabilizes or not, as it has dropped and then risen again."
He points out that "some companies have started to provide new price lists, and some items have seen a decrease. However, in a climate of mistrust, it is preferable to wait a few days; if the dollar continues to decrease or stabilizes at a certain price, the prices of goods and foodstuffs will definitely drop."
When asked if some traders will price based on the dollar rate of 40,000 Lebanese pounds considering they purchased their goods at that price, Bahsali replies: "All traders need to sell and move their goods to generate income; thus, those who keep their prices high will suffer and see their sales decline."
