Bloomberg platform allows unification of Lira exchange rate against US dollar: Lebanon official

Mohammed Abou Haidar, the Director General of the Ministry of Economy, urged on Thursday traders to register their products for export with the assistance of a Qatari grant, noting the presence of chambers of commerce and industry in each region.

During an interview on LBCI’s Nharkom Said TV show, he announced that the ministry would take the Technology Union with it to Expo Dubai, stating that eighty countries participating in the Expo are interested in Lebanese pavilion products.

He said that Lebanon’s exports to the European Union improved by 51 percent compared to last year, but imports exceed exports in general, for two reasons: the global rise in prices and the ‘hoarding’ that traders have turned to after the increase in the customs dollar.

As for the violations that occur and the possibility of protecting consumers, Abou Haidar explained that the ministry had legally demanded three things:

The right to defame violating establishments,

An increase in the fine for the violation,

And the right to immediate closure if necessary.

He also reminded that the ministry had previously closed two unlicensed factories within a campaign with LBCI.

Abou Haidar also pointed out that violations are not limited to foodstuffs only but also include oils and cleaning materials.

Regarding the “Bloomberg” issue, he considered it essential because it provides more transparency by showing supply and demand ratios and thus allows for the unification of the exchange rate of the lira against the US dollar.

Abou Haidar stressed that small depositors have the possibility of retrieving their deposits, but confidence must be earned through accountability first, and then bank restructuring and a “capital control” plan. He also noted that the approval of capital control was obligatory in parallel with the “package” of reforms. He also called on municipalities to cooperate with the ministry in monitoring prices within their regions, saying that “the authority of the mayor is higher than that of the Minister of Economy.”

LBC