Lebanon’s Economy Minister Wants A Gradual Raise In Customs Exchange Rate

Sawt Beirut International

On Monday, Caretaker Minister of Economy, Amin Salam, expressed his support for a gradual raise in the customs exchange rate.

During an interview with Al Horra, he explained that adopting an exchange rate of 12,000 LBP per USD for the Lebanese customs is “unrealistic and won’t lead to the needed solutions.”

He also shared his support for the decision of President Aoun to refrain from signing the decree on having Lebanese customs’ exchange rate at the Sayrafa rate (around 26,200 LBP) and indicated that he would prefer a gradual raise starting from 18,000 LBP.

Minister Salam revealed as well that he’ll “request from all importers to reveal to the ministry the goods that have or are entering Lebanon at the current customs rate so that there won’t be an exploitation of the goods by traders when the rate will be raised.”

However, when asked about an expected date for the raising of the customs’ exchange rate, he said that the matter was “postponed.”

Then, on the topic of wheat, the minister said that there is still smuggling to Syria and stressed the need for an agreement between Lebanon and Syria to control the borders. He added that “80% of smuggled goods occur through illegal crossings.”

Related: Lebanon’s Economy Minister Assured 90% Of The Bread Crisis Is Over

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