SAWT BEIRUT INTERNATIONAL

| 30 January 2023, Monday |

How many factories abandoned Lebanon?

With the escalation of the crisis with the Gulf countries, and after the Banque du Liban asked companies importing gasoline to secure 10 percent of the value of the bill in dollars in cash, the exchange rate of the lira began to witness a noticeable deterioration after it was stable for a period at levels of 20 thousand pounds against the dollar, and today it reached 22,500 pounds amid the lack of prospects at the political level and the absence of any developments that restore confidence in the economy.

The industrialists considered that stopping exporting to Saudi Arabia and some other Gulf countries is the last shock or blow that they could bear and withstand, as most of them began searching for alternatives to secure the continuity of their factories outside Lebanon, while others opened new lines or moved their factories to Turkey, Cyprus and Muscat. and Egypt. This migration led to the dismissal of a large number of employees and workers in the midst of the social and economic crisis.

To comment more on this topic, the head of the Syndicate of Food Industries Owners, George Nasraoui, joined us by phone.

    Source:
  • Sawt Beirut International