Black Friday in Lebanon: Steeper prices, weak currency, further poverty

Black Friday in Lebanon: Steeper prices, weak currency, further poverty

BEIRUT: Black Friday promotions in Lebanon that flooded social media seem to have failed to attract customers as the Lebanese pound hit a new low amid a worsening economic and political stalemate. The currency was trading at 25,000 Lebanese pounds to the dollar on the black market on Friday. A further devaluation seems imminent amid the political instability. Although many stores have extended the sales for the entire weekend, several people who headed to shops in search of good deals said: “It’s a hoax.” Hassan, an engineer, said: “I went to a well-known appliance store where people used to queue for hours to be able to get in during previous Black Friday sales. The prices are much higher than the original brand stores. I left without buying anything.” The minimum wage is now no more than $30, amid worsening economic conditions. The head of the Beirut Traders’ Association, Nicolas Chammas, said: “It is too early to assess Black Friday sales. We need to wait until next week to see to what extent people’s purchasing power has declined.” On Friday, the Central Bank warned against mobile applications offering exchange rates on the black market: “These are suspicious, illegal applications. Still, they