Lebanon switches to new exchange rate policy

Lebanon switches to new exchange rate policy

The Lebanese government is now using a dollar exchange rate closer to that of the parallel market when calculating taxes and fees for other administrative charges. The 2024 budget law, which was passed on January 26, ditches all references to the official LBP15,000 and LBP1,508 rates on which the bulk of government revenue was previously […]

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The Lebanese government is now using a dollar exchange rate closer to that of the parallel market when calculating taxes and fees for other administrative charges.

The 2024 budget law, which was passed on January 26, ditches all references to the official LBP15,000 and LBP1,508 rates on which the bulk of government revenue was previously based. 

According to the new budget, the exchange rate will be decided by the forthcoming Bloomberg platform.

This was commissioned in September to replace the old Sayrafa platform to consolidate exchange rates around a single source informed by market forces.

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On Friday, the pound was trading at 89,400 to 89,700 against the USD on the parallel market.

The new amendment stands