Amin Salam, the minister of economy and trade in Lebanon, stated that the ministry will not permit an increase in the selling prices of goods that are currently on the market and that have complied with customs duties on the customs dollar price at a value of 1500 lei per dollar once the budget law is enacted and the new price of the customs dollar at a value of 15,000 lei per dollar goes into effect.
The general assembly for the current year is now in effect after being signed by Nabih Berri, the speaker of the Lebanese parliament, today. Prime Minister Najib Mikati and President Michel Aoun still need to sign it.
The minister emphasised that infractions would be confiscated in order to report them to the appropriate judicial authority, noting that many goods, particularly food, are exempt from customs duties.
Salam also released a circular in which he cautioned business owners from raising the prices that they charge customers for imported items whose customs charges were already paid before the budget was released.
The Consumer Protection Directorate has been asked by the Minister of Economy to receive lists of imported foods and consumer goods from businesses, as long as they include the quantities that are currently on hand in warehouses and the selling prices to consumers both before and after the general budget law for the current year has been approved.
Salam forbade traders from using the increased value of the customs currency to raise prices and make unauthorised profits.
Prior to hiking the customs dollar, the Lebanese Economy Minister issues a warning against rising the pricing of imported goods.
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