The dollar confuses the markets: blocking roads and rising prices

The dollar confuses the markets: blocking roads and rising prices
The dollar confuses the markets: blocking roads and rising prices
The rise and fall of the dollar exchange rate messes with the markets and spreads chaos in prices. The rise of the dollar to the threshold of 55,000 pounds prompted a number of citizens to block a road, in protest against the poor living conditions, while food prices began to rise, similar to the dollar.

Cut through
A number of young men blocked the road at the Canal Roundabout in the city of Sidon, in protest against the loosening of the exchange rate of the dollar, and its deterioration in the economic and living conditions.

The price of bread
In line with the rise in the price of the dollar, the Ministry of Economy and Trade set the price of a small bundle of Lebanese bread at 13,000 Lebanese pounds, the price of a medium bundle of bread at 22,000 Lebanese pounds, and the price of a large bundle of bread at 26,000 pounds, on all Lebanese lands. Note that the price of a bundle of bread varies greatly in the markets and is sometimes sold on the black market.

gas sector
For its part, the Gas Distributors Syndicate objected to setting the selling price of gas in Lebanese pounds, in light of the dollar exchange rate flying on the black market.

The Syndicate of Distributors of Gas Bottles and Supplies considered in a statement today that “in light of the slipping of the exchange rate of the US dollar and the inability of gas distributors to continue working in this way, which causes heavy losses in the gas distribution sector, especially since this sector covers 85 percent of the needs of the local market.” Since the sale of gas to the consumer takes place in Lebanese pounds according to the price structure table issued by the Oil Directorate, it leads to huge losses for the distributor when buying dollars from the parallel market due to the crazy price fluctuation, and therefore the distributors cannot continue to bear these losses. Continuously, in addition to the pricing chaos and the loss of the citizen and the distributor alike.

The syndicate called on the Minister of Energy and Water to expedite finding an appropriate and radical solution to this problem in light of the insane rise in the price of the dollar, especially the issuance of a price installation table in US dollars or its equivalent when purchasing from the parallel market, which avoids the distributor falling into the problem of exchange and sudden price fluctuations, and then it becomes Issuing a price installation schedule two days a week based on the global oil market price only.


The article is in Arabic

Tags: dollar confuses markets blocking roads rising prices

PREV Stock indices in Germany rose at the end of today’s session; DAX 30 rose by 2.16%
NEXT Stock prices on the Egyptian Stock Exchange today, Thursday 2-2-2023