The rate of the customs dollar was indexed to that of the Sayrafa platform and set at LBP 86,000 as of today, Saturday, May 13.
According to a statement from Banque du Liban (BDL), the rate of the customs dollar has been set at LBP 86,000 as of today and until May 31, 2023. This new rate will apply to all imported products.
The customs dollar is the official exchange rate used to calculate the customs duty on the price of goods imported in foreign currency in LBP.
This decision marks the fourth change in the exchange rate of the customs dollar since December 1, 2022, in an attempt to regulate the foreign exchange market. Indeed, the customs dollar was considerably raised at the beginning of December as it was increased from LBP 1,507.5 to LBP 15,000 per dollar, then to LBP 45,000 on March 1, and to LBP 60,000 on April 18.
According to sources at the Ministry of Finance, this rate was raised once again, mainly to increase the revenue of the Treasury and to be able to finance salary increases and other social and educational assistance as well as transportation allowances granted to the civil service.
The increase in the customs dollar will undoubtedly reflect in the prices of consumer products, and will weigh on the purchasing power of the Lebanese.
As far as food products are concerned, this change will affect the prices of all products that are subject to customs duties by up to 9%, depending on the customs duty applied.
