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

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.

 

 

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."