BEIRUT — Many Lebanese families are struggling to keep up with soaring food prices, especially during the holy month of Ramadan, which began March 23. This has had an adverse effect on what was traditionally a month of family gatherings and delicious food. Iftar, the meal at sunset when Muslims break their fast, has become hard to afford.
On March 1, Lebanon passed a new policy that all products, especially those imported, must be valued in US dollars. The point of this move was to create visibility and protect buyers from the incessant alterations of Lebanese lira pricing — a currency that has lost over 98% of its value since 2019. Unfortunately, for nearly all citizens who receive their wages in the local currency and do not have access to foreign money, dollarization has devastated their finances.
