Lebanon, Retailers, Strike, Currency, Plummets

Lebanon, Retailers

Top Lebanon retailers on strike as currency plummets

Top Lebanon retailers on strike as currency plummets

02/07/2020 7:05:00 PM

Top Lebanon retailers on strike as currency plummets

A string of top retail shops in Lebanon announced temporary closures on Thursday after the country's currency lost five sixths of its value, triggering sharp

That has lefthave struggling to price their wares."We'd rather shut down than significantly increase our prices and lose your trust," said theLebanonfranchise of Korean lifestyle brand Mumuso, which is headquartered in China.MikeSport also closed its doors, saying it did not want to"get involved in the game of buying and selling the dollar" on the black market.

اقوام متحدہ جنرل اسمبلی کے نو منتخب صدر کل پاکستان پہنچ رہے ہیں ’دنیا کا ٹھنڈا ترین کمپیوٹر جو روایتی کمپیوٹر کو پیچھے چھوڑ دے گا‘ - BBC News اردو بڑی خبر ، یورو 5 پٹرول کا پہلا جہاز پاکستان پہنچ گیا

Several supermarkets, retail stores and butcher shops have closed in recent days because of thecurrencycrisis. "The retail industry is going in the direction of a total shutdown or a temporary closure until things become clearer in terms of (the) exchange rate," said Nabil Gebrael, head of the Calia Group which operates more than 20 retail stores in the country.

Some of the brands' managers protested Thursday in a central Beirut square that was the epicentre of anti-government protests last year., burdened by sovereign debt equivalent to 170 percent of its GDP, defaulted in March for the first time in its history. 

The economic crunch has sparked months of unprecedented protests against official corruption and the banking sector.Beirut is currently in talks with the International Monetary Fund over a potential bail out but negotiations are floundering. مزید پڑھ: 24 News HD »

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