Lebanese facing tax rises and more expensive imports

Lebanese facing tax rises and more expensive imports

BEIRUT: Lebanon has officially adopted a new exchange rate on imports ten times the previous level, in a move that will deepen economic misery in a country already suffering hardship. The new customs exchange rate of 15,000 Lebanese pounds a dollar replaces the previous rate of 1,500, which was in use for nearly three years. The customs dollar is the price for calculating the customs value of imports, and is paid in Lebanese pounds. Public concern has already risen about the ability to control instability in the markets, as merchants began adding goods to be included on the new rate. Imports in the first seven months of this year reached $10.5 billion, and the total import for the whole year may reach $18 billion, which is a record close to pre-crisis levels, and it was interpreted as a preemption to raise the customs dollar rate. Imported goods included cars, phones and electrical and electronic equipment. Amin Salam, the caretaker economy minister, said on Friday that he would not authorize any additional fees that would pile further pressure on consumers buying essential items such as food. He added that 70 percent of food commodities were exempt, and their prices would not