The exchange rate of the dollar is playing with the nerves of Lebanese citizens, as it manipulates the prices of all goods. Opinions may differ on who is responsible for this chaos—the Lebanese state, the Central Bank, the banks, traders, or speculators—but everyone agrees that the one paying the price is the Lebanese citizen, who goes to sleep amid collapse and wakes up to crazy prices. In light of the instability and rise in the dollar exchange rate, we are witnessing chaos in the prices of goods. While there is a price list for fuel, bread, and non-subsidized medicines, it is impossible to set a price list for the remaining goods that follow the dollar's prices, resulting in the innocent citizen being the biggest loser.
In this context, the head of the Food Importers Syndicate, Hani Bahsali, stated in an interview with Al-Diyar, "The problem is no longer about the exchange rate reaching 60,000 liras; the problem lies in the sharp rise of the dollar, which was 43,000 liras at the beginning of the year and has surpassed 60,000 liras before the end of this month. This is a disaster, and we warned about this matter and issued a statement concerning it out of fear for what might happen and the significant collapse."
He added, "When the exchange rate was 50,000 liras a few days ago, we thought that this was its peak and that it would stabilize for a period at this price, but we were surprised by its rise from fifty to sixty in just a few days. This indicates the extent of the ongoing financial collapse, fearing that there may be no limits to the rise in the exchange rate and that it could increase significantly, as it rose about 10,000 liras in ten days."
Regarding the development of goods prices, Bahsali said, "Goods prices follow the dollar exchange rate in the black market and not the Sayrafa rate, which may rise above 38,000 after the increase in the black market." He urged traders "not to benefit from the chaos of the dollar exchange rate and set prices higher; traders want to preserve their capital, and thus pricing in Lebanese lira becomes difficult amid the sharp increases and fluctuations in the dollar's exchange rate."
Bahsali indicated that the Lebanese state also faces difficulties in this matter, as we have witnessed two pricing lists for fuel in one day, and similarly for medicines, which have become priced daily.
He suggested that there are two solutions for pricing: the first is to price goods daily according to the dollar exchange rate, or to allow pricing foodstuffs in dollars on store shelves and supermarkets, noting that this approach will not alleviate the burden of rising prices on citizens since prices will continue to increase with the dollar, but it will reduce possible abuses and prevent traders from arbitrarily pricing goods. He emphasized that when prices are uniform for goods and permitted under consumer protection laws, these violations would cease, as the ups and downs of the dollar would primarily serve the interest of the citizen.
Bahsali revealed that every company sets prices based on the dollar exchange rate at which it purchased its goods, stating, "We cannot control the chaos amid the sharp fluctuations of the dollar's exchange rate."
In response to a question about whether import activity has declined with the rise in the dollar's exchange rate, he said, "The import cycle extends over three months; the goods we receive today were ordered three months ago, which means that the goods we will order today will not arrive before three months. Therefore, it is difficult to say that import activity will be affected, and we must monitor the situations." He pointed out that this matter is also challenging for traders and exacerbates the situation.
Regarding price monitoring, Bahsali clarified, "It is the responsibility of the Ministry of Economy. We notice many patrols by the Ministry of Economy inspectors, but the problem is which price they monitor in light of the instability. He assured that if goods were priced in dollars, the Ministry of Economy would be able to monitor better."
