EDL raises alarm over exchange rate discrimination to BDL

Consequently, the collection process gradually began in various regions.

Since that date, the Sayrafa exchange rate has increased to LBP 70,000, raising a question for EDL: 

Should they continue collecting bills based on the old exchange rate of LBP 52,320?

Is it fair for those who have already paid their bills to pay at the old rate, while those who have not yet paid to pay at the higher Sayrafa exchange rate, and who will bear the consequences of this discrimination? 

Will the Central Bank of Lebanon accept purchasing dollars for EDL at the old Sayrafa exchange rate?

All of these questions stem from letters that EDL sent to the Governor of the Central Bank, Riad Salameh, seeking clarifications, but they have yet to receive any response to their inquiries.

Sources at EDL said that the solution to this problem lies in the Central Bank adopting a fixed exchange rate for the electricity dollar for two months, so that there will be no distinction in the value of bills. 

Based on this fixed exchange rate, EDL will then know how much their financial revenues are in Lebanese lira.

These sources also pointed out that $85 million has been paid from the $300 million loan to purchase fuel and oil gas. 

EDL has also paid $13 million to the Central Bank in this regard, and the need for more of this loan has become necessary to purchase more fuel for production facilities.

Sources at EDL said that the remaining amount of the loan for purchasing fuel is about $165 million, and the company will work on cost-cutting while continuing to succeed in removing encroachments, activating collection, and achieving financial balance.