In a press release on Friday, Nestlé has announced its commitment to ensuring the much-needed supply of its food and beverage products in Lebanon.
The Swiss Food and Beverage company, which established its first operations in the Middle East in Lebanon in 1934, currently employs more than 600 people in the country in sales, marketing, distribution, and at two water factories.
Vowing to overcome currency devaluation hurdles and banking restrictions that have imposed importing challenges and increased operational costs, Nestlé’s General Business Manager in Lebanon Nehmatallah Younes thanked consumers “who have made products such as NIDO, MAGGI, NESCAFÉ, and KITKAT trusted brands over the decades throughout the country’s prosperous and difficult times.”
Nestlé’s “collection rate” – the US Dollar exchange rate at which it collects Lebanese Pound payments from its customers – remained unchanged for more than five months at 1,517 until February 10th, despite deteriorating currency rates and increased shortages of US Dollars on the Lebanese market. The company had to adjust it to reflect market conditions, while always maintaining it at lower than market rates and ensuring product prices in US Dollars remain the same.
“We hope prevailing market currency rates will allow us to reduce our collection rate again soon, and we remain committed to our Lebanese consumers,” concluded Younes.
Source: National News Agency