Supermarkets adjourn decision to price in dollars

Lebanon Economy
10-02-2023 | 10:07
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Supermarkets adjourn decision to price in dollars
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Supermarkets adjourn decision to price in dollars

The decision to price in dollars was discussed throughout the past few weeks. Still, it wasn't officially announced for a variety of reasons.

First: The Ministry of Economy was concerned that merchants would use the value-added tax in dollars on the black market exchange rate and pay it to the state at 15,000 LBP.
Because of this, there would be chaos, and some businesspeople would profit from it.
However, after discussions between the Ministries of Finance and Economy, it was decided that prices would be in US dollars and payments would be in Lebanese.
Second: The time supermarkets need, huge ones, to update their software and systems, knowing that this takes about a month.
Director General of the Ministry of Economy and Trade, Muhammad Abou Haidar, confirmed to LBCI that Caretaker Minister of Economy Amin Salam would hold a press conference next week to announce the new pricing mechanism in supermarkets.
He added that each supermarket would install a sizable screen at its entrance to announce the approved exchange rate, which will be the black market exchange rate.
The new mechanism, according to Abou Haidar, would ensure oversight over merchants and be able to stop arbitrary price hikes, which will lead to a fall between 15 and 20 percent in prices.
Pricing in dollars will also facilitate price comparisons between supermarkets for consumers.
Pricing in dollars is therefore coming. Once the mechanism is announced, supermarkets can start once their systems are ready, keeping in mind that some items will continue to be priced in Lebanese at the suppliers' request.

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