The central statistics office indicates that the price of clothes increased by 1614% between December 2019 and October 2021, a spectacular increase induced by the sharp deterioration of the parity of the Lebanese pound against the dollar during this period. Thus, the parity of the Lebanese pound against the dollar fell from 1507 LL / USD at the official rate to nearly 30,000 LL / USD at the so-called black market rate, a deterioration of more than 1800%.
This information comes as the Lebanese population is facing a sharp drop in its purchasing power. The minimum wage that was the equivalent of $ 450 is now just $ 20. At the same time, the prices of basic necessities have risen sharply in recent months, especially with the end of the Bank of Lebanon’s subsidy program, whose monetary reserves have fallen sharply, without the implementation of the aid plan. the vulnerable population as yet promised by the political authorities.
Also, many businesses have since closed their doors, faced on the one hand with the economic and financial crisis itself, with the impossibility of placing orders abroad due to informal capital controls and the refusal of banks. to grant the lines of credit necessary for the pursuit of their respective activities. Finally, these establishments were also impacted by the containment measures decided by the Lebanese authorities due to the covid19 epidemic.