According to the statistics published by the Automobile Importers Association (AIA), new cars registration activity improved during the first five months of 2022 to reach 2,465 cars, compared to 1,434 cars in the same period in 2021 as buyers rushed to purchase cars prior to the enactment of the increase in customs duties (around 13 folds) as proposed in the 2022 budget. The May 2022 year-to-date figures compare to 3,183 cars registered in the same period in 2020, 10,560 cars YTD May 2019, and 13,046 vehicles YTD May 2018, that is before the onset of the financial crisis. The aforementioned drop can be attributed to the repetitive closure of the registration center since the beginning of April due to employee strikes, the harsh financial, economic & political environment, the COVID-19 pandemic, the Beirut port explosion, the sizeable devaluation of the Lebanese Pound, not to mention the foreign currency liquidity squeeze in the banking sector which constrained buyers from withdrawing cash in foreign currencies to meet the new conditions set forth by vehicle dealers who require buyers to settle a significant part of the price in fresh Dollars.