Cars drive along the coastal highway north of Beirut. (Credit: Philippe Hage Boutros/L'Orient-Le Jour)
The “customs dollar,” the exchange rate Lebanon uses to charge customs fees for imported goods, will remain for the time being at LL8,000 to the dollar for cars coming from abroad, sources from the Finance Ministry and a shipping company told L’Orient-Le Jour Monday.
Other imported items will be subject to the LL45,000 rate applied since March 1 for goods taxed upon entry to Lebanon.
Meanwhile, however, the Association of Automobile Importers (AIA) and the used car importers’ union told L’Orient-Le Jour that they were waiting to be officially notified of the rate.
"The decision comes from the Ministry of Finance, which notifies the Bank of Lebanon, which, in turn, transmits the information to the Directorate of Customs,” said the Finance Ministry source, requesting anonymity as they were not authorized to speak with the press.
"It will become official when the central bank sends to customs the table that lists the exchange rates applicable to other currencies for this category of goods," said Elijah Azzi, president of the used car importers’ union.
Lebanon’s economic crisis has seen the national currency plummet from the previously longstanding official exchange rate of LL1,507.5 to around LL110,000 against the dollar on the parallel market.
Authorities finally adjusted the official exchange rate several months ago, edging it closer to the market rate.
The customs dollar, meanwhile, was raised to LL15,000 to the dollar on Dec. 1, before authorities hiked it yet again to LL45,000 in March.
Motor vehicle importers were exempted to an extent, with the customs dollar remaining at LL8,000 for all vehicles shipped to Lebanon before Feb. 1 and cleared by March 3.
The Finance Ministry’s recent decision, if confirmed, is expected to extend these deadlines by one month.
This article was originally published in French in L’Orient-Le Jour.
