LBCI

Finding common ground: EDL's proposal for dollar-based pricing amidst dispute with BDL

Lebanon Economy

15-05-2023 | 10:53

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Finding common ground: EDL's proposal for dollar-based pricing amidst dispute with BDL

A dispute has emerged between the Central Bank Governor and Electricité du Liban (EDL) over the calculation of two trillion LBP in US dollars.

The disagreement revolves around whether the exchange rate should be set at LBP 52,000 to the dollar, as EDL issued invoices for November and December, or at LBP 104,000 to the dollar as set by Banque du Liban (BDL) according to the Sayrafa exchange rate.

The dispute has been further fueled by BDL's refusal to open a dollar account for EDL, which requires government approval. This impasse is impeding the issuance of invoices for January and February, as the exact dollar exchange rate remains uncertain.

However, EDL has warned that continuing this dispute jeopardizes the emergency plan.

To resolve this issue, EDL proposes adopting a dollar-based pricing system for electricity tariffs, invoices, and collections.

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