SAWT BEIRUT INTERNATIONAL

| 27 November 2022, Sunday |

Exchange rate to be set at LBP 15,000 soon

Banque du Liban will adopt an official exchange rate of 15,000 pounds instead of 1,507, starting the end of next October, which is an essential step for unifying the exchange rate. This is what the Minister of Finance Youssef Khalil stated.
Following this statement, the Ministry of Finance announced raising the official exchange rate, which is considered a first step towards gradual unification of the exchange rate. It was agreed between the Ministry of Finance and Banque du Liban to adopt the rate of 15,000 pounds to the dollar as the official exchange rate, provided that the financial and monetary authorities work to contain any repercussions on the social conditions of the Lebanese citizen, as well as on assisting the private sector in the orderly transition to the new and approved exchange rate.
A surprising statement by the Ministry of Finance, as it always talked of a new official exchange rate, but in fact, no specific number was ever traded, and we did not see any studies on this subject.
What does the Ministry of Finance circulate today about a new exchange rate on the basis of 15 thousand mean?
Why was such a decision taken after only two days of approving the budget?
In the end, we can be certain that the state is increasing inflation over inflation, and this decision will directly affect the value-added tax, various taxes, and dollar contracts.

    Source:
  • Sawt Beirut International