The decision to adopt the "Plus" exchange rate, which adds 20 percent to the Sayrafa exchange rate, for the collection of state electricity bills was made when the Sayrafa exchange rate was LBP 44,000, which became around LBP 52,000, given that the black market rate was LBP 70,000 at the time.
However, with the Sayrafa exchange rate reaching currently LBP 90,000, the "Plus" exchange rate becomes LBP 108,000, which is the same as the black market rate.
Will this be the price that Electricité du Liban (EDL) adopts?
EDL’s sources say that no decision has been made yet, although a format was proposed at a meeting held two weeks ago in the Serail by the Banque du Liban (BDL). This format calls for converting all amounts collected by EDL from people at a rate of "Plus" exchange rate plus 20 percent to BDL, which would have reserved the dollars in advance. If there is a profit, it would be credited to the Finance Ministry, and if there is a loss, the state would be responsible for it, and EDL would not bear any risks from exchange rate fluctuations.
The board of directors of EDL adopted this proposal and sent it to the relevant authorities for approval, namely the Finance and Energy Ministries, and the Prime Minister for implementation.
Until now, EDL is still collecting bills for November and December of last year.
In anticipation of the decision from the relevant authorities, bills for January and February will be issued together and starting from March, bills will become monthly.
It is worth mentioning that preparing bills at a national level takes between one to two months, and they are issued at one rate for all Lebanese citizens.
So far, there is no decision regarding the approved price for the collection of state electricity bills. Moreover, according to experts, even if it becomes equivalent to the exchange rate for the dollar, it will still be cheaper for the Lebanese due to the adopted rate.