Economy Minister Salam to LBCI: Lebanon's wheat reserves are enough for one month and half-[VIDEO]

Economy Minister Amin Salam confirmed on Saturday during an interview with Nharkom Said TV show on LBCI that Lebanon's wheat reserves are enough for one month and half, noting that “Banque du Liban will release the money for the ships that were imported.”

 

Salam stressed that Lebanon imports nearly 60 percent of its wheat from Ukraine, indicating that if the situation between Russia and Ukraine worsens, they will have to import wheat from the United States, France and India, at a significant price owing to the distance.

 

He also stated that they are seeking to reach an agreement with one or two countries that will guarantee a low wheat price, which will allow them to manage a quantity that will satisfy Lebanon’s demands for a year.

 

“There is no need to panic or buy bread in large quantities, because wheat is available and sufficient for approximately a month,” he underlined, urging traders not to take advantage of this stage or stockpile materials and raise the prices.

 

On another note, Salam pointed out that it is possible that prices of oil derivatives would rise due to the war between Russia and Ukraine, which will also affect commodities' prices.