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The sale of $3 million stamps at $36 million: Combating the black market stamp trade heats up

Press Highlights

07-03-2024 | 02:57

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The sale of $3 million stamps at $36 million: Combating the black market stamp trade heats up

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In an effort to curb the black market stamp trade, estimated by the Ministry of Finance at around $36 million annually, measures have been taken.

This article was originally published in, translated from Lebanese newspaper Nidaa Al-Watan.

If the relevant authorities decisively take action, impose strict measures, and transition from paper to electronic stamps, as mentioned in budgets such as the 2022 and 2024 Budget Laws, without allocating funds for it, the issue could be resolved.

Iskandar Hallak, the Treasury Director at the Ministry of Finance, affirms that all reports prepared over the past year and a half are ready and have been submitted to the relevant authorities.

Hallak, speaking to "Nidaa Al Watan," stated that "the size of the black market is approximately $3 million monthly and $36 million annually. Stamps purchased for $500 are sold on the black market for $6,000. This means that every $500 yields a profit of $5,500."

Adding: "Legal license holders are entitled to a 5 percent profit, and if this percentage is unsatisfactory for them, they should seek alternative employment."

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