Caretaker Minister of Economy and Trade Raoul Nehme asked in a statement importers, traders, and merchants to rapidly reduce the commodity prices before tomorrow morning, amid the significant drop in dollar exchange rate against the Lebanese Pound, trading between 16,500 and 16,600 LBP.

Nehme said that price manipulation or fraud will expose them to severe penalties, and that he will ask the judiciary to close these shops if they didn’t comply to the new exchange rate.

He confirmed that the Consumer Protection Directorate team will continue it supervision based on the laws in force to protect the consumer.

The ministry understands the rise in the prices of some commodities due to the increase in the exchange rate. However, it warns merchants against keeping the same prices with the exchange rate falling to record levels. “This is unacceptable, neither morally nor professionally, in light of the difficult conditions that the Lebanese are suffering from.”