Dollarization of foodstuff prices' a suitable solution considering lack of reforms: Bohsali

The head of the Syndicate of Food Importers in Lebanon, Hani Bohsali, considered that the stability of the US dollar exchange rate and the decline it recorded during the past days is crucial for consumers and markets, especially during the holidays, despite the US dollar's exchange rate reaching above LBP 100,000.  

In a statement, he stressed the need to go to immediate comprehensive solutions that would implement an economic and financial recovery plan, implement reforms, and agree with the International Monetary Fund (IMF), because this is the only way to control the financial situation in the country, reduce the exchange rate of the dollar, and improve the purchasing power of citizens so that they can obtain their nutritional needs.  

Bohsali emphasized that adopting the US dollar for pricing foodstuffs showed significant effectiveness in terms of merchants and consumers not feeling unfair when the dollar exchange rate rose and when it fell, indicating that when the dollar exchange rate was declining, it was said that prices were not being reduced. Still, now prices are automatically reduced by a percentage, equivalent to the decline in the dollar rate.  

The head of the Syndicate of Food Importers believed that pricing in US dollars was the most appropriate solution in light of the absence of reform initiatives, reassuring that the food component is secured regardless of the financial and economic crisis, pointing out in this context that vegetable oil prices have decreased globally and locally, while grain prices have remained stable.