It was expected that starting today, November 1, 2022, the customs dollar exchange rate would be set at 15,000 Lebanese pounds, instead of the current 1,507 pounds. However, it seems that the caretaker government and the Governor of the Central Bank, Riad Salameh, have decided to postpone its implementation without a formal announcement. Financial sources believe that the decision to postpone was made in anticipation of any complications following the end of President Michel Aoun's term, especially considering that the new exchange rate is expected to face objections amid the deteriorating financial, economic, living, and health conditions faced by citizens, as well as the exacerbation of political crises with the commencement of the presidential vacancy and the caretaker government.
However, the sources affirm that the decision has been made to adopt the customs dollar based on 15,000 pounds to secure revenue for the treasury and to provide the increases approved for public sector employees. The delay may be due to the President's failure to sign the budget, knowing that the Minister of Finance has the authority to approve the increase in the customs dollar, which means that the government is still pricing the customs dollar based on 1,500 pounds. It is worth noting that the Minister of Finance in the caretaker government, Youssef Khalil, had emphasized in his recent conference the importance of starting the implementation of the customs dollar at 15,000 pounds, considering that traders and importers have already started adopting this rate for some time.
