Lebanese Customs Will Reportedly Increase Over 1,300%

LBC

On Monday, August 16th, the Lebanese Minister of Economy, Amin Salam, had an interview with Al Horra discussing the increase in the customs exchange rate.

A few days later, on Thursday, August 18th, he held a press conference regarding the same matter.

In his press conference, Salam revealed that increasing the customs exchange rate is a must. He stated that every government around the world gets its income from taxes, and the same case should be applied in Lebanon.

Sawt Beirut International

He added that he is waiting for the Minister of Finance’s response to increasing the rate to 20,000, which is “probably going to get approved.”

He assured the Lebanese people that the effect of increasing the customs exchange rate will only have a slight effect on the price of goods.

Most food supplies, according to Salam, will not get affected by the increase, except for the supplies that are produced locally.

This, Salam claims, will encourage local industry and help the Lebanese economy. Moreover, the increase will help the government approve the much-awaited law to correct public sector salaries.

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Lebanese Customs Will Reportedly Increase Over 1,300%

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