With the Lebanese economy in shambles and its currency in free fall, businesses are increasingly leaning on one of the world’s most reliable assets — the U.S. dollar — as a way to cope with the worst financial crisis in its modern history.
Store displays advertising in Arabic that reads "Italian clothes and shoes for 9.99 $" in Beirut, Lebanon, Wednesday, March 1, 2023. Lebanon started pricing consumer goods in U.S. dollars Wednesday as the value of the Lebanese pound hit new lows. Store displays advertising in Arabic that reads "Italian clothes and shoes for 9.99 $" in Beirut, Lebanon, Wednesday, March 1, 2023. Lebanon started pricing consumer goods in U.S.
BEIRUT — When Moheidein Bazazo opened his Beirut mini-market in 1986, during some of the fiercest fighting in Lebanon’s civil war, he didn’t expect it to thrive. But several years later, he had shelves full of food and needed 12 employees to help him manage a bustling business. Those days are over. Bazazo now mostly works alone, often in the dark to reduce his electric bill. Regular customers are struggling to make ends meet, and as they buy less so does he, leaving some shelves and refrigerators bare.
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