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.