Lebanese lira to USD exchange

Financial crises happen. When they do, there is a cost to pay, and it has to be shouldered fairly and in a way that preserves social cohesion.

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

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 don't agree with you. If I paid 100 USD few months ago, I want to collect it today or collect its equivalent.

If the S-Pen price is 35 USD and I pay him 50,000LL instead of 66,000LL and since the banks aren't exchanging money, how do you think he will buy the next stock? Do you expect him to exchange 50,000 LL at 1900 LBP/USD ?

I can't blame the shops for this issue however, the main problem is that some shops are sticking to the rules, pricing in LBP and accepting dollars @ 1515 LBP/USD. This is mainly the dirty game.

Update : I went to the shop, he said he made a mistake, the S-pen price is $50 not $35... OFC i didn't buy it but honestly this is becoming annoying....


Update 2 : I called Samsung service center, they asked for $33 for the S-pen. So yeah shops are stealing people.

Update 3 : They accepted Lebanese lira and charged me 50,000 LL.

I need to highlight something:


Why don't the money exchnagers abide by the official exchange rate of the dollar set by the Bank of Lebanon? Why does the Bank of Lebanon not impose an official exchange rate obligation on them? Are there laws requiring a bank-like teller to adopt the official dollar exchange rate? Many questions from citizens and even officials, who did not bother to see the Banking Act. 

The law regulating the practice of the profession of the money exchangers in Lebanon does not include a clear-cut text document obligation to exchange at the official exchange rate, but deals under the act with the currency as a commodity subject to supply and demand. The law includes a lot of operational details, the document of incorporation, capital and manner of accounts, daily access to the process of buying and selling currencies. Banks are clearly warned against receiving deposits and dealing with remittances and other tasks entrusted to banks.

In Lebanon 734 Company exchange licensed by the Central Council of the BDL. Entitled as Category exchange company (a Category A or category B) purchase and sale of foreign currency against any other foreign currency, or for the currency of Lebanon buy banknotes or metal parts, and buy and sell coins, bullion, metallic coins, transfers, and tour companies, and within the ceiling determined by the Bank of Lebanon. And all those powers and business regulated by the Banking Control Commission of Lebanon, and are subject to the records and institutions of conflict the provisions of the Bank Secrecy Act.

The exchange black market cannot be forced by law , they simply abide by the demand-supply factor.

I will try as much not go through politics but what i understood from whats going on up till now. The dominant politicians backed by syria changed their tactics in how their interest in this country. They took over most important key positions in lebanese government that are directly related to how our government make most of their money. And since 2016 they started sending every money they can to syria instead of using this money up here in lebanon and that is why i think hariri will stay away from politics because they are not only sending this money abroad, they wont let go of these key positions that are essential to our economy. There is nothing we (the people) can do about it unless someone take the microphone and explains exactly what is going on.

potato wroteI will try as much not go through politics but what i understood from whats going on up till now. The dominant politicians backed by syria changed their tactics in how their interest in this country. They took over most important key positions in lebanese government that are directly related to how our government make most of their money. And since 2016 they started sending every money they can to syria instead of using this money up here in lebanon and that is why i think hariri will stay away from politics because they are not only sending this money abroad, they wont let go of these key positions that are essential to our economy. There is nothing we (the people) can do about it unless someone take the microphone and explains exactly what is going on.

The official rate is 426 SYP/USD whereas the black market exchange rate is 725 SYP/USD.

Again, it all started at the same time which means the source of USD is either Syria or Lebanon and I think it's conclusive enough to say it's the latter...


Have a look at this article for a good laugh ...

It is not the fault of the currency exchange. If he exchanges 1 usd for 1500 lbp, he will run out in a split second and no one will sell him dollars anymore. Would that have solved the problem? The exchange is also buying the dollar at above the market rate, it's not like they are magically getting it for 1500 and then selling it for 1900. The peg system only works if your currency is very powerful and you are trying to weaken it, it does not work when your currency is weak and you are trying to strengthen it... (it costs too much to artificially strengthen and in the end you will run out of money)

It's not enough to declare that the peg is 1 usd=1500lbp, you also have to provide the dollars yourself at that rate(talking about Riyad Salameh) he can make all the claims he wants, but actions speak louder than words, he is not supplying dollars at 1500lbp and neither are the banks.

The economy is self correcting, buying from abroad will be expensive and this will push people to farm again and produce locally. We can argue all day why the crisis happened now and it did not happen next year or the year after, but eventually it was definitely inevitable. We had a welfare state, exactly like Venezuela, where the people on welfare were the government employees. The government handing out dollars it did not have...

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.