Lebanon to raise exchange rate for taxes, fees and customs duties – The National

Lebanon to raise exchange rate for taxes, fees and customs duties – The National

Cash-strapped Lebanon is hoping to fill state coffers by raising the exchange rate for taxes, fees and customs duties, Caretaker Finance Minister Youssef Khalil told The National, as the country reels from three years of economic collapse.

Lebanon will abandon the official rate of 1,507 pounds to the US dollar and introduce a combination of higher exchange mechanisms in accordance with the currency’s market value.

Government revenue has shrunk dramatically, with the Lebanese pound’s market rate value sinking to about 40,000 to the dollar.