The world’s largest food and beverage company Nestle has just announced that it will begin charging 4,000 LL per the dollar as of May 1st, 2020.
In a statement, the company said that it will have to sell its products based on the exchange rate of $1 to 4,000 LL because it cannot secure dollars from the bank.
This includes Nestle’s products like Nido, Maggi, Nescafe, Nesquick, KitKat, Perrier, Nestle Pure Life, the whole range of breakfast cereals, and more.
These products, which are a staple in any Lebanese household, have now become a luxury.
“We hope prevailing market currency rates will allow us to reduce our collection rate again soon, and we remain committed to our Lebanese consumers,” said Nestle’s General Manager in Lebanon, Nehmatallah Younes, as reported by NNA.
In related news, Coca-Cola announced its decision to close its doors in Lebanon due to the impossible financial crisis. Prices have been already shooting high in supermarkets, even some locally produced products.