Aoun rejects decree to raise customs dollar


President Michel Aoun has refused to sign a decree that would increase the customs fees, media reports said Wednesday.

The so-called customs dollar will determine the LBP to USD exchange rate that will be used to calculate customs on imports.

The current rate is 1,500 Lebanese Lira to 1 dollar. A decree signed by the Prime Minister-designate and the Minister of Finance would increase the exchange rate from LBP 1,500 to more than 26,000, if signed by Aoun.

Aoun refused to sign the decree, saying that the customs dollar must be increased gradually and not in an abrupt way and that it will impact Lebanese families who wouldn't be able to purchase many items included in the decree, MTV said.

Comments 3
Thumb 10 August 2022, 14:34

Eventually, Lebanon will drop the pound and adopt either a virtual currency or a GCC version of the euro in the distant future…

Missing rabiosa 10 August 2022, 16:44

Since everything is quoted in USD, why not adopt the USD say effective January 1, 2023 and be done with it.

Want to increase the balance to the treasury, how about stopping corruption, illegal hoarding and border crossings, tax evasion and customs evasion, reducing the public sector employees, which more half never show up to work or not even reside in Lebanon, eliminate some so called ministries, merge other and reduce expenditures.

Thumb Geralt 11 August 2022, 08:44

Respect M. President! The sooner you're out the better...