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EDL caught in a currency conundrum: The vicious cycle of losses and exchange rates
Lebanon Economy
2023-04-28 | 07:57
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EDL caught in a currency conundrum: The vicious cycle of losses and exchange rates
Electricité du Liban (EDL) says it collected $36 million and deposited it with the Baque Du Liban (BDL).
These funds were collected in Lebanese lira and calculated based on a rate of 52,320 LBP per US dollar.
The value of these funds is approximately 18 million dollars, at around 104,000 pounds per dollar.
However, EDL's calculations did not match those of the BDL.
The second discrepancy between the BDL and EDL also surfaced when there was a need to cover the price difference for a fuel oil shipment worth 4.5 million dollars.
The central bank withdrew 470 billion LBP from the EDL's accounts and converted them into dollars, calculating the exchange rate at 104,000 pounds per dollar. According to Electricité du Liban's calculations, the value of the 4.5 million dollars is approximately 235 billion pounds.
This vicious cycle between EDL and the Central Bank will only end if EDL can issue its invoices in dollars and collect payments in dollars, which is currently prohibited by law.
This means that the financial losses will continue to dominate the institution's budget, especially as there is no sign of stability in the lira's exchange rate.
The purchase of fuel for factories, spare parts, maintenance, and payment for service providers are all done in US dollars.
Only the collection is done in the deteriorating Lebanese lira. Even if the EDL manages to collect at 100%, losses will continue as long as the Lebanese lira collapses and the US dollar rises.
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