Lebanese Stores Close as Dollar Hits New High

Lebanese Stores Close as Dollar Hits New High

The exchange rate of the dollar hit a new record in the Lebanese black market, exceeding LBP 13,000 (the official price is LBP 1,515 for one USD), forcing many shops to close their doors in various regions.

Lebanon's National News Agency (NNA) reported that the shops in the southern city of Sidon were shut in the morning, after the dollar exchange rate reached the threshold of LBP 13,000. Some of them placed signs on the front doors saying: "We are closed because we refuse to raise prices.“

Also in Baalbek, the city's markets witnessed light traffic and a very shy commercial activity.

According to NNA, a number of protesters organized a march in Tripoli markets, in the north, asking shopkeepers to close their stores and to announce a strike to protest the high exchange rate and the exorbitant prices.

In this context, the head of the Sidon Merchants Association, Ali Al-Sharif, said in a statement that the announcement by some commercial establishments in Sidon to temporarily close until the exchange rate stabilizes was a natural result of the sharp local currency devaluation.

The black market dollar exchange rate jumped to LBP 13,500 on Monday noon, from LBP 12,000 on Sunday and around LBP 8,000