• Lobby

  • Lebanese lira to USD exchange

I heard some ATMs are being filled with USD is this correct? Has anyone withdrawn using their card this week
from 2013 to 2016 In Canada the Canadian dollar slipped 40% in 2016 from 1 usd= 1 cad to 1usd = 1.45 cad, equivalent to the Lebanese lira slipping from 1500 to 2100. And nobody cared, nobody. You'd find it difficult to even find one article talking about it. Because local production in a normal country is priced in the currency of that country, and the price remains fixed. And this is what we need in Lebanon, we don't need the 1 usd = 1500 lira, we need the bag of bread to be 1500 lira and we need our farmers to make it. And to hell with what the dollar does...

In Egypt this is how they survive even though the average Egyptian makes the equivalent of 200$ a month, local production priced in the local currency.
infiniteloop wrote
Kareem wrote
NuclearVision wroteIt doesn't make sense, but if you think about it its a good thing, sooner or later people will realize it and start using LBP finally, there will be less demand on usd.
That's not really the case. I called a mobile store in DT to ask about the availability of the Note10+ S-pen. Price was 35 USD or 66,000LL.

I asked him about the rate, he said it's 1900.

Sorry but I'll pay in USD.
Or just boycott this shops, I am sorry but 90% of these products were bought months ago way before the USD crisis and these people are trying to steal us, I rather go to another shop who accept a logic rate under 1600 than pay to a thief
And yes if you search a bit you will find honest shop.
If we stop feeding these shops who play with prices they will be obliged to return to normal rates, for example when I wanted to buy a PC monitor pcanparts wanted +50000LL because he raised the $ ratio from a day to another, I said them polity to go *** themselves , I bought the same monitor from Mojitech at the original price in LL, and it was at the 1st week of the USD crisis meaning 100% they bought the screen at the old USD rate
I tried to buy a monitor from them the week after the one you mentioned but they marked up the price to 1850LL per USD. I think they just hadn't caught up to the trend. I ended up buying elsewhere (in USD though).
Lebanon is living what US lived in the 1920s, they had the biggest ever economical crisis because of the ''laissez faire laissez passer'' principle that the government doesn't interfere with finance, they finally fixed the crisis by interfering and ending this principle, Lebanon about 100 years later didn't learn this lesson and they don't want to regulate the exchange offices even though we lived this situation already in 1989-1990 because private companies like exchange offices are stronger than public institutions
sold USD for 1900 on sat in Hamra
sold USD for 2005 in hamra an hour ago
nosense wrotesold USD for 2005 in hamra an hour ago
That is quick! What the hell is happening
NuclearVision wrote
nosense wrotesold USD for 2005 in hamra an hour ago
That is quick! What the hell is happening
That's pretty normal.... the true exchange rate is 3000LL per dollar. We're catching up slowly.
Kareem wrote
NuclearVision wrote
nosense wrotesold USD for 2005 in hamra an hour ago
That is quick! What the hell is happening
That's pretty normal.... the true exchange rate is 3000LL per dollar. We're catching up slowly.
according to what, who ?
Speculation for tomorrow 2500 LL
NuclearVision wrote
Kareem wrote
NuclearVision wrote That is quick! What the hell is happening
That's pretty normal.... the true exchange rate is 3000LL per dollar. We're catching up slowly.
according to what, who ?
According to the economical situation in the country, the demand and supply. No fresh dollar is coming from abroad so your reserve is getting lesser.
True, since 1990s the real value of the dollar is around 3000 by supply and demand. But some say not just the "financial engineering" fixated the rate but also politics.
kareem_nasser wroteTrue, since 1990s the real value of the dollar is around 3000 by supply and demand. But some say not just the "financial engineering" fixated the rate but also politics.
It's not politics or financial engineering, the thing is that the government and BDL wanted to borrow money, but the banks wouldn't accept because the LBP rate was fluctuating.

So BDL reassured the banks by fixing the rate at 1500 LBP/USD so they can lend him money despite the huge interest rate.

As of today, the rate is still 1515 and BDL is doing its best to protect the money of the banks ( not people ) although a much higher rate would mean less debts but nevertheless they insist on it.
What's the exchange rate like today, anyone tried?
nefe_lpmk wroteWhat's the exchange rate like today, anyone tried?
2050
Why doesn't the gov enforce the fixed rate or ban usd exchange.
I'm positive that exchangers are just making up these values.
There's no way that usd demand is increasing day after day
NuclearVision wroteWhy doesn't the gov enforce the fixed rate or ban usd exchange.
I'm positive that exchangers are just making up these values.
There's no way that usd demand is increasing day after day
many people are still converting their money from lbp to usd even at these rates