Supermarkets close and panic-buying ensues as Lebanese pound tumbles to 15,000 to the dollar

Supermarkets close and panic-buying ensues as Lebanese pound tumbles to 15,000 to the dollar

Small supermarkets closed their doors on Tuesday and shoppers hoarded food after the Lebanese pound lost half of its value in only a week.

The pound is officially pegged at 1507.5 to the dollar but has fallen sharply in the past 18 months, trading at 15,000 to the dollar on Tuesday on the parallel market.

The rapid drop in the currency led some Lebanese to panic-buy.

Hassan Hamade, 80, filled his trolley with coffee, rice and other necessities he is buying in bulk at a Spinneys supermarket in Beirut.

“Every hour we have a different rate and different prices. It's catastrophic,” he told The