The often incomprehensible game of the dollar continues, as there are no convincing justifications for its rise or sudden fall followed by a rebound. The price is always paid by the Lebanese in a multiplied manner, and throughout the crisis, they have been suffering from the repercussions of the black market madness without feeling any reflection of its decline in supermarket prices or elsewhere.
Economic researcher Dr. Jassem Ajaka pointed out that with the publication of the public budget for 2022 in the official gazette, it will become effective and the customs dollar along with the value-added tax dollar will be applied at the price of 15 thousand lira. He noted that "this pushed traders to increase imports in anticipation of the customs dollar increase, and many citizens rushed to buy dollars, which led to an increase in the exchange rate in the black market after it had dropped to around 35 thousand lira following the statement of the Governor of the Central Bank two weeks ago."
Ajaka added in an interview with the electronic newspaper "An-Nabaa": "Here the question arises about the effectiveness of the piecemeal measures being applied, in addition to the smuggling at the borders. Imports easily surpassed the $12 billion mark while the income of Lebanese and Syrian families in Lebanon does not allow for this. The budget aims to raise revenues, not to allow for smuggling at the borders."
Ajaka continued: "The dollar, without corrective measures, will continue to rise. The customs dollar and the value-added tax dollar affect not only the rise of the dollar but also the printing of the national currency to cover spending," stressing that "what mainly affects is smuggling to Syria, thus we are caught in a vicious cycle, and there continues to be smuggling which leads to an outflow of dollars from the country."
He revealed that "according to the customs site, Lebanon imported $10.7 billion in the first seven months of 2022, a very high figure, while estimates of the income of residents in Lebanon do not exceed $7 billion. This means that the process of smuggling is blatant and evident across the borders, leading to a depletion of the dollar. We cannot curb the dollar without stopping smuggling, speculation, and price manipulation, as these issues lead to the printing of the Lebanese currency. Unfortunately, there is a lack of executive authority to carry out these procedures."
It is also essential to recall the complaints submitted to the judiciary regarding smuggling, which still remain unaddressed, particularly the reports from the "Democratic Gathering" which have yet to be resolved.
