Lebanon could be facing an increase in the customs exchange rate as requested by Prime Minister Najib Mikati in a meeting last week.
Following the news of this potential increase, the Lebanese expressed their frustration and rage over this crippling economic state.
Independent Journalist Nabil Hamdan tweeted out: “[Prime Minister] Najib is afraid to lose a penny of his accounts abroad. And from his head, he executes the Lebanese people with the American dollar.”
Samir Saliba – Founder of Mike Sport – went off after this news and expressed his rage over this possible decision, tweeting:
“Increasing the Customs Dollar [Rate] from 1,500 LBP to 20,000 LBP directly is a crime, and it will lead to a disaster.
This decision is unacceptable and should be tackled right away, especially by the private sector who will be negatively affected by it, as will the majority of the Lebanese.”
In a press conference this week, the Lebanese Minister of Economy, Amin 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.
Tweet user Ali Sayed had a point to make in that regard:
He said: “If someone thinks that merchants will distinguish between the excluded goods from those that aren’t from the new customs dollar, he will be assuming that in Lebanon there is a state and a Ministry of Economy and there are controllers who will be able to control prices, and the truth is not like that, unfortunately… All commodity prices will go up, and more than the increase in the exchange rate difference…”
Reactions have been similar on Reddit:
Related: Lebanese Customs Will Reportedly Increase Over 1,300%.