Beirut's Duty-Free operator fined for violating Dollar-Lira peg

An official ultimatum was issued to the company due to its failure to adopt the official exchange rate, under penalty of appropriate legal measures.
by Christina Farhat

20 December 2019 | 19:13

Source: by Annahar

  • by Christina Farhat
  • Source: Annahar
  • Last update: 20 December 2019 | 19:13

Beirut Duty Free (Photo from official website of Beirut Duty Free).

BEIRUT: Lebanon's Ministry of Economy has fined the company in charge of managing Beirut Airport's Duty-Free area for setting the exchange rate of the dollar to Lebanese pound at 1,750 LB as opposed to the official rate of 1507. In the black market, the Lebanese Pound is trading at 2000 to 1 USD.

“With the recent economic challenges in our country and to ensure consistent supply of all our imported products, and to satisfy our customers needs, the exchange rate from USD to LB is 1,750 LBP (temporarily) in order to maintain business continuity of supply and to deliver on our promise,” the company in charge of Beirut's Duty-Free had said in a statement.

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