The Central Bank of Lebanon's actions to pump the dollar into the local market did not give the desired results, as the governmental tendencies to stop the deterioration of the value of the national currency did not touch the citizens ’positive aspects, especially with the continued rise in the exchange rate of the US dollar, which set a record, as it reached in the parallel market more than 7400 pounds, while Its official exchange rate is 1515 liras.
Multiple prices for one currency
The Bank of Lebanon is committed to pumping between 3 and 4 million dollars a day in the market in accordance with harsh controls, and followed it by launching an electronic platform dedicated to regulating the circulation of the dollar and its pricing at exchange houses, where its exchange rate reached 3900 pounds per dollar.
The bank’s governor, Riyad Salameh, said, in a press statement to him after his meeting with Prime Minister Hassan Diab, that the price of the dollar on this platform is 3900 liras, at a time when its exchange rate remains in banking transactions at 1515 liras because this helps to control the prices of fuel, medicine and food.
The central bank’s determination to trade the dollar exchange according to two pricing contributed to the revitalization of the parallel market and the rise of the dollar’s exchange rate to a record number, according to an island’s financial expert, who preferred not to be named.
The expert also said, "This is what contributed to the decline in the purchasing value of the pound and the rise in consumer prices around the clock, in light of a government inactivity in controlling prices and stopping the work of the parallel market."
And he added that the lira lost the equivalent of 80% of its purchasing value, and that it is "subject to further deterioration if the official chaos continues (and) the parallel market continues to determine the dollar exchange rate."
And the official chaos or "government inactivity" in controlling the exchange rates of the dollar against the lira, according to the financial expert's description, contributed to the deterioration of food and consumer prices, the decline in the purchasing value of the national currency, and the absence of effective supervision.
Insane rise
The head of the Consumer Protection Association, Zuhair Pro, says that prices go up insanely, in conjunction with a rise in the exchange rate of the dollar in the parallel market, and not according to the official price.
He adds to Al-Jazeera Net that the state-subsidized goods have relatively maintained their prices with a noticeable and unacceptable rise as well, noting that the rest of the commodities have increased by 300%.
He also pointed out that not setting a clearly defined economic plan will aggravate matters, and pointed out that poverty and unemployment rates have risen and exceeded 50%, in addition to that more than 200 thousand citizens have lost their jobs recently.
Purchase pattern changed
For his part, Waddah Shehadeh, director of executive operations at a commercial institution for Al-Jazeera Net, says that the dollar exchange rate rose in record terms, explaining that the prices rose in the markets to keep pace with the dollar exchange rate increase, indicating that the government decision to support specific food items contributed to maintaining their prices compared to the prices of materials Not supported.
Shehadeh pointed out that the government decided to pump about 700 million dollars to support basic consumables and "this support did not affect all the food segment of the Lebanese."
He continued that this support was not significantly reflected in the prices of the consumer, indicating that the way the citizen purchases his consumables has changed at a record speed with the decline in the value of his national currency.
Shehadeh added, "The Lebanese have started looking for the less expensive foodstuff and not of a brand or good quality." He explained that the customers of the "trademarks" of the commodities have become very limited "with the lira losing its purchasing value."