Lebanon's currency is deteriorating hysterically: Abou Haidar

Lebanon Economy
2023-03-18 | 04:57
High views
Share
LBCI
Share
LBCI
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
Lebanon's currency is deteriorating hysterically: Abou Haidar
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
2min
Lebanon's currency is deteriorating hysterically: Abou Haidar

The Director General of the Lebanese Ministry of Economy and Trade, Mohammad Abou Haidar, stressed that "we are witnessing one of the most challenging economic crises," pointing out that the solution begins with politics and ends with the economy. 

He added, "we must go with a correct economic recovery plan that revives the country."   

Abou Haidar said in an interview with "Nharkom Said" via LBCI that "the currency is deteriorating hysterically and every year is more difficult than the previous one," noting that "last year the rate of the US dollar rose 35 percent, while this year the price of the dollar rose 100 percent from month to month."   

"The solution begins today with stability at the political level, the election of a president, the formation of a government, and the implementation of the required reforms, and confidence today is capable of restoring confidence and restoring the economy," he said.   

Abou Haidar stressed that Lebanon is in dire need of the International Monetary Fund (IMF) in light of this economic stumble, hoping that the reforms will be as soon as possible because "the citizen is the one who pays the price."   

He explained that "any rise in the exchange rate is offset by a decrease in the purchasing power of the citizen," pointing out that some today take advantage of the crisis, even if at the dollar exchange rate.   

"When the punishment is a deterrent, no one dares to commit a violation, especially concerning food security," he said.
 

Breaking Headlines

Lebanon News

Lebanon Economy

Lebanon

Economy

Finance

Crisis

Politics

Lebanese

Lira

Recovery

Plan

Reform

LBCI Next
Lebanon's Economy Ministry, WFP sign agreement to enhance price transparency and consumer protection
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use cookies to make
your experience on this
website better.
Accept
Learn More