| 4 July 2022, Monday |

Economy minister Salam warns of dollar rate impact on bread, fuel prices

Amin Salam, the caretaker government’s Minister of Economy and Trade, stated that the dollar exchange rate is insanely soaring, noting that it is “influenced by political choices in addition to supply and demand, import and export.”

Salam told Sawt Beirut International in an exclusive interview that “the circumstances we are going through today do not herald a drop in the dollar anytime soon,” adding that “if there is no actual work within the new parliament, and if the current government stops operating, we are going to witness a higher dollar rate.

Supervisory role

Regarding fuel pricing, particularly gasoline, Salam stated that “the Ministry of Economy’s role is limited to monitoring,” adding that “when there is a new pricing for fuels, it is our duty to ensure monitoring patrols on stations and generators to ensure the extent of compliance with the new pricing issued by the Ministry of Energy.”

Regarding the wheat and flour issue, Salam stated that he planned to “secure flour for all bakeries and contributed to opening credits for flour,” and emphasized the importance of “completing the support until the implementation of the International Monetary Fund program.”

Open credits for wheat

In addition, Salam stated that he had “received approval to open credits for wheat for the next two months,” stressing that “we have enough wheat until Parliament meets and approves the World Bank loan.” “Within three weeks, we can benefit from the support of the World Bank and secure wheat,” Salam explained.

Regarding the price of a bundle of bread and petrol in dollars, Salam said: “In conformity with the law, this matter is not permissible,” adding that “as a country, we must strengthen our national currency in order not to strike the sovereign concept of the national currency.”

  • Sawt Beirut International