Lebanon to use Sayrafa exchange rate for phone services, meaning higher prices - Reuters.com

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Lebanon's Telecoms Minister Johnny Corm attends an interview with Reuters at the Ministry of Telecommunications in Beirut, Lebanon January 12, 2022. REUTERS/Mohamed Azakir

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BEIRUT, May 20 (Reuters) - Lebanon's telecommunications sector will begin using the central bank's Sayrafa exchange platform for phone services, including calls and mobile data, Telecoms Minister Johnny Corm said on Friday, meaninga large jump in prices.

The telecommunications sector until now has used the old pegged exchange rate of 1,500 Lebanese pounds to the dollar but Crom said it would begin using the official flexible exchange rate, which on Friday was 23,900 pounds to the dollar.

The decision was made in cabinet's final session before going into caretaker status following the election of a new parliament on May 15.

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It would represent a large price increase for residents of Lebanon, whose economic meltdown has seen the lira lose 90 percent of its value and depositors locked out of their hard-currency bank accounts.

In a statement to Reuters, digital rights group SMEX called on the minister to "reconsider" the plan as it would put phone and internet access out of reach for most Lebanese.

"This will increase digital classism and divide, which means that telecoms will only be affordable to the wealthy, while Lebanon is experiencing a historic economic crisis," the statement said.

Corm said the move was necessary to keep the cash-strapped sector afloat.

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Reporting by Timour Azhari and Maya Gebeily; Writing by Lina Najem; Editing by Hugh Lawson and Nick Macfie

Our Standards: The Thomson Reuters Trust Principles.

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