Between two coffees, the dollar rate increased by 9 percent
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While the dollar chaos continued in Lebanon, the 9 percent difference between two coffees consumed by a customer within 3 hours was the clearest indicator of the crisis in the country.
The shock exchange rate changes experienced during the day due to the currency crisis in Lebanon cause the products in restaurants and cafes, which fix many products to the dollar, to increase during the day.
Finally, last Friday, a customer shared that he drank two coffees at different prices, as the dollar increased by 9 percent in one day against the Lebanese lira, was one of the most talked about topics on social media.
Lebanese pound dollar While it exceeded the value of 50 thousand last week, another psychological threshold point was passed in the parallel market. The Lebanese pound, once pegged at 1500 against the dollar, has lost 97 percent of its value since the start of the crisis, which plunged 80 percent of the population into poverty and plunged the country into economic disaster.
PARALLEL INSTALL, 33 FLOOR OFFICIAL INSTALLATION
While the current official rate is still 1500, this rate is around 8 thousand in banks. However, the ability of citizens to withdraw foreign currency from banks is limited. In the black market and the parallel exchange rate, this figure is above 50 thousand. In 2022, the lira depreciates by 93 percent against the dollar, while inflation in the country stands at 189 percent.
While poverty has increased sharply in the country, restaurants are the examples where the currency crisis in Lebanon is seen most clearly. Since 2019, the Lebanese lira has increasingly disappeared from the menu, while businesses have switched to dollars instead of lira.
According to the news published in The National News by Nada Maucourant Atallah, customers pay in dollars or local currency in many restaurants.
However, those who want to pay in the local currency have to pay at the parallel market rate, which is extremely volatile and can fluctuate within a few hours.
IN 3 HOURS, THE TIME HAS COME
How can the customer, who drinks coffee at a cafe in Gemmayzeh, where the capital Beirut’s popular haunts and places to eat, get into coffee within hours because of the dollar rate? interest He told me he was coming.
The sudden increase was caused by the restaurant’s pricing of its menu in dollars, while the sharp increase in the exchange rate during the day caused the products to increase during the day. Within three hours, the price of the customer’s coffee increased by 9 thousand Lebanese liras (3.40 TL).
In a tweet shared on social media on Friday, the customer said, “I ordered my first coffee at 10.30 and my second at 13.00. The Lebanese lira depreciated during this time and orders resulted in two different prices,” he wrote.
THE ECONOMY ACTUALLY TRANSFERRED TO DOUBLE MONEY
long term in the city power cut Energy costs were also an important factor in dollar pricing, as restaurants had to rely on expensive private generator suppliers. But businesses began to pay salaries not entirely in dollars, but in a mix of both currencies.
Restaurant owners are not the only ones taking steps to hedge currency risk. Many transactions can now be made in dollars, including appliances, clothing, health insurance, rent and tuition fees. This is interpreted as a signal that the Lebanese economy is gradually dollarizing and switching to a double currency.
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