Economy Minister: Subsidy will include 300 commodities at 3900 rate

Tue 07 Jul 2020 at 20:00 Economy


NNA - Minister of Economy and Trade, Raoul Nehme, explained after the end of the meeting with Prime Minister Hassan Diab at the Grand Serail that "the aim of supporting the expanded consumer basket is to secure the majority of essential goods for citizens at a low price, and thus increase their purchasing power."


"The meeting was held with the aim to subsidize goods. The goal is to cover 80% of what citizens consume in stores, next to subsidizing imported goods," he said.


Nehme pointed out that subsidy includes "300 basic commodities, including meat and derivatives, oil products, vegetables, seeds, nuts, milk, tea, coffee, poultry, etc., and the exchange rate will be set at 3900. The goods will be subsidized 100%, and we expect the prices to drop inconsequence. We will monitor the prices and pursue traders or distributors in the event of tampering."




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