Lebanon's financial system over as goods now priced in USD: Salam

The Supermarkets will display the price of imported goods in US dollars, and domestic products will still be priced in the local currency.  

Salam affirmed that this move will allow transparency in how goods are priced, noting that some supermarkets "are taking advantage of the currency crisis and setting prices on a whim."  

The Economy minister said that there is little the ministry can do about the essential item's cost due to the lira's rapid devaluation, which is now trading at about 87,000 LBP per USD.  

"If their rate is too high, you have the option of going to a different supermarket and seeing if they have a lower rate," he said, adding that this measure is not a solution but could mitigate the currency fluctuations.  

"It's not ideal nor what the nation should aspire to. But in the worst circumstances, now at least this can protect citizens […] even if just by 20 percent," he said.  

"Our country imports Everything […] No other country in the world imports more than 90 percent of its goods. Even our domestic products are made using imported primary components […]. Everything is priced on the dollar […] The financial regime is over, and it's done," he said, "now we leave the currency to its fate."