The dollar soared again on the black market, reaching record levels never seen before on the Lebanese street, with it inflamed with the prices of basic commodities for the Lebanese citizen whose purchasing power had been eroded as a result of price inflation in exchange for the individual or family’s income remaining according to the 1,500 rate.

Although Lebanese law prohibits the selling of products and services in any currency other than the national currency, the majority of merchants and service distributors in Lebanon currently price in US dollars and accept payment in the local currency at the black market exchange rate or “Fresh dollars.” Is Lebanon on the verge of worldwide dollarization?

For his part, head of the Food Importers Syndicate, Hani Bohsali, confirmed that pricing in dollars serves the consumer more than the merchant, as it puts an end to discretion against the consumer.