Lebanese lira to USD exchange

potato wroteAnyone heard of people layed off or started getting payed in lbp currency ?
some say companies like shopandship, alfa, touch, ogero etc.. are struggling with keeping $ currency rolling in and eventually their employees will start getting payed with lbp if lets stay Lebanon will survive since the country will eventually collapse if the situation keep getting worse. If this happens very few international companies will stay in lebanese market since no benefit for them to drag themselves with this train.

Well I think they shouldn't be paid in USD in the first place. FYI the US embassy employees are paid in LBP. Unless it's an international company that's transfering money to the country, I don't think it makes any sense to pay in USD.

Just my 2 cents...

I know few people who used to earn $800 (1,200,000) are getting the same amount but in LBP which means, their new salary is $600.

Kareem wrote

potato wroteAnyone heard of people layed off or started getting payed in lbp currency ?
some say companies like shopandship, alfa, touch, ogero etc.. are struggling with keeping $ currency rolling in and eventually their employees will start getting payed with lbp if lets stay Lebanon will survive since the country will eventually collapse if the situation keep getting worse. If this happens very few international companies will stay in lebanese market since no benefit for them to drag themselves with this train.

Well I think they shouldn't be paid in USD in the first place. FYI the US embassy employees are paid in LBP. Unless it's an international company that's transferring money to the country, I don't think it makes any sense to pay in USD.

Just my 2 cents...

Well aub and aubmc are being payed in USD...
Ill try to explain why its not the same with all companies and you shouldve known that since u already worked with telecom companies before.

All of the quipments of these companies are brought abroad and shipped to lebanon using $ currency and all of the contracts of these companies with international companies like Ericsson/Nokia/huawei etc.. are written with $ currency. Now that being said. $ was easier for these companies to earn from customers now that banks made it harder to get $ all of these companies had to rely on lbp since they need money at the end of the day. When you cut $ that means you cut upgrades, support, equipment, and most important thing you made these companies to stop being productive and eventually that means we are back to square one that means bad coverage, bad support for the customers. Yup bad ending in my view.

Same thing can be said for cars. You cant just go and buy a new car in lbp since its being brought in $ currency...

potato wrote

Kareem wrote

potato wroteAnyone heard of people layed off or started getting payed in lbp currency ?
some say companies like shopandship, alfa, touch, ogero etc.. are struggling with keeping $ currency rolling in and eventually their employees will start getting payed with lbp if lets stay Lebanon will survive since the country will eventually collapse if the situation keep getting worse. If this happens very few international companies will stay in lebanese market since no benefit for them to drag themselves with this train.

Well I think they shouldn't be paid in USD in the first place. FYI the US embassy employees are paid in LBP. Unless it's an international company that's transfering money to the country, I don't think it makes any sense to pay in USD.

Just my 2 cents...

Well aub and aubmc are being payed in USD...
Ill try to explain why its not the same with all companies and you shouldve known that since u already worked with telecom companies before.

All of the quipments of these companies are brought abroad and shipped to lebanon using $ currency and all of the contracts of these companies with international companies like ericsson/Nokia/huawei etc.. are written with $ currency. Now that being said. $ was easier for these companies to earn from customers now that banks made it harder to get $ all of these companies had to rely on lbp since they need money at the end of the day. When u cut $ that means u cut upgrades, support, equipments, and most important thing u made these companies to stop being productive and eventually that means we are back to square one that means bad coverage, bad support for the customers. Yup bad ending in my view.

Same thing can be said for cars. U cant just go and buy a new car in lbp since its being brought in $ currency...

But the thing is, I was getting paid in USD because it's an international company. Ogero, shopandship, touch and alfa nor not international companies.

You're mixing up things. Importing should be in USD but paying the employee doesn't have to. Every country import and export, but Lebanon is one of the very few cases were people have options.

In UAE, most of the contracts or job offers are in AED; doesn't matter which company and where. Now paying to import stuff should be arranged by the banks or BDL but the circulating currency in the country should be LBP.

I don't know if I made my point.

TheIlluminative wroteI know few people who used to earn $800 (1,200,000) are getting the same amount but in LBP which means, their new salary is $600.

In all fairness, that makes sense. The official rate is ~1500LL. Why should companies abide by black market rates?

VincentKeyboard wrote

TheIlluminative wroteI know few people who used to earn $800 (1,200,000) are getting the same amount but in LBP which means, their new salary is $600.

In all fairness, that makes sense. The official rate is ~1500LL. Why should companies abide by black market rates?

Because it is the factual rate

The same companies are abiding by the market rate when they are pricing their products

dsoftware.king wroteThe same companies are abiding by the market rate when they are pricing their products

They shouldn't and that is what got us in this mess. Moreover, the government doesn't care. The only time they intervened to force LL prices where the alfa/touch recharge cards because they constitute part of the government's revenue. We've been reduced to sheep for the politicians on Mount Olympus.

I really hope that the Peg officially lifts off by the central Bank.
Even if it means i lose the value of my money.
But on the other hand, all security forces in the country that are being paid in LBP are going to outrage and just stop their jobs.
Which will be a step forward for the revolt.

Kareem wrote

potato wrote

Kareem wrote

Well I think they shouldn't be paid in USD in the first place. FYI the US embassy employees are paid in LBP. Unless it's an international company that's transfering money to the country, I don't think it makes any sense to pay in USD.

Just my 2 cents...

Well aub and aubmc are being payed in USD...
Ill try to explain why its not the same with all companies and you shouldve known that since u already worked with telecom companies before.

All of the quipments of these companies are brought abroad and shipped to lebanon using $ currency and all of the contracts of these companies with international companies like ericsson/Nokia/huawei etc.. are written with $ currency. Now that being said. $ was easier for these companies to earn from customers now that banks made it harder to get $ all of these companies had to rely on lbp since they need money at the end of the day. When u cut $ that means u cut upgrades, support, equipments, and most important thing u made these companies to stop being productive and eventually that means we are back to square one that means bad coverage, bad support for the customers. Yup bad ending in my view.

Same thing can be said for cars. U cant just go and buy a new car in lbp since its being brought in $ currency...

But the thing is, I was getting paid in USD because it's an international company. Ogero, shopandship, touch and alfa nor not international companies.

You're mixing up things. Importing should be in USD but paying the employee doesn't have to. Every country import and export, but Lebanon is one of the very few cases were people have options.

In UAE, most of the contracts or job offers are in AED; doesn't matter which company and where. Now paying to import stuff should be arranged by the banks or BDL but the circulating currency in the country should be LBP.

I don't know if I made my point.

Yup you made your point just one thing these are private companies where the employee sign a contract with an international company not with the government. Shopandship/aramex international company. Touch contract with zain. Alfa with orascom. Ogero with im not sure which one but thats it. The company is local however the employee sign with x international company that gets u payed in $ currency.

potato wrote

Kareem wrote

potato wrote Well aub and aubmc are being payed in USD...
Ill try to explain why its not the same with all companies and you shouldve known that since u already worked with telecom companies before.

All of the quipments of these companies are brought abroad and shipped to lebanon using $ currency and all of the contracts of these companies with international companies like ericsson/Nokia/huawei etc.. are written with $ currency. Now that being said. $ was easier for these companies to earn from customers now that banks made it harder to get $ all of these companies had to rely on lbp since they need money at the end of the day. When u cut $ that means u cut upgrades, support, equipments, and most important thing u made these companies to stop being productive and eventually that means we are back to square one that means bad coverage, bad support for the customers. Yup bad ending in my view.

Same thing can be said for cars. U cant just go and buy a new car in lbp since its being brought in $ currency...

But the thing is, I was getting paid in USD because it's an international company. Ogero, shopandship, touch and alfa nor not international companies.

You're mixing up things. Importing should be in USD but paying the employee doesn't have to. Every country import and export, but Lebanon is one of the very few cases were people have options.

In UAE, most of the contracts or job offers are in AED; doesn't matter which company and where. Now paying to import stuff should be arranged by the banks or BDL but the circulating currency in the country should be LBP.

I don't know if I made my point.

Yup you made your point just one thing these are private companies where the employee sign a contract with an international company not with the government. Shopandship/aramex international company. Touch contract with zain. Alfa with orascom. Ogero with im not sure which one but thats it. The company is local however the employee sign with x international company that gets u payed in $ currency.

Yes but as far as I know, Orascom and Zain are managing companies. They can't decide anything financially without the approval of the ministry of telecom.

They were complaining that Choukair wasn't approving the annual bonus and promotions. So technically speaking, it's the government money and it's one of the reasons why the government isn't accepting the privatization of the telecom sector.

But in my opinion, every onshore company, international or not since it's anyway registered in Lebanon, should be paying employees in LBP. The circulating currency should be LBP just like any decent country.

If you want to import, you have a business account, your bank or BDL can help you exchange at the official rate and that's it.

In Europe mainly, I can't pay in USD. They will simply ask you to exchange it and come back.

Think of it. Why would need the dollar in Lebanon? travel ? OK I can travel if I have a credit card what else ?

kareem_nasser wroteWhat is the exchange rate today? Heard it is going below 2000 LL earlier this month.

1850 L.L http://lebaneselira.org/

VincentKeyboard wrote

Significant shortages in LBP and USD cash has led to an artificial appreciation of the Lira on the Dollar. New Lira notes arriving from Brazil on Dec 20,2019.

I haven't seen a country hate its own currency like this before. How about just make 1 USD = 1 million Lebanese Lira by January?

It's not that we hate our own currency. In fact it's quite the opposite... We don't trust the system, we don't trust the politicians and we the level of corruption in this country has hit a new record. We're living in doubts and fear.

Dan28 wrote

kareem_nasser wroteWhat is the exchange rate today? Heard it is going below 2000 LL earlier this month.

1850 L.L http://lebaneselira.org/

1900 at 9:30
1850 at 10
1925 at 1pm

LBP is becoming as volatile as bitcoin :lol: :mad:

Kareem wrote

VincentKeyboard wrote

Significant shortages in LBP and USD cash has led to an artificial appreciation of the Lira on the Dollar. New Lira notes arriving from Brazil on Dec 20,2019.

I haven't seen a country hate its own currency like this before. How about just make 1 USD = 1 million Lebanese Lira by January?

It's not that we hate our own currency. In fact it's quite the opposite... We don't trust the system, we don't trust the politicians and we the level of corruption in this country has hit a new record. We're living in doubts and fear.

To a certain extent Vincent is right, we understand the need for dollar but why do rents get paid in dollar even contractually? Tell me, is there something those landlords import?

sero wrote

Dan28 wrote

kareem_nasser wroteWhat is the exchange rate today? Heard it is going below 2000 LL earlier this month.

1850 L.L http://lebaneselira.org/

1900 at 9:30
1850 at 10
1925 at 1pm

LBP is becoming as volatile as bitcoin :lol: :mad:

Keep in mind that god knows where these rates are from, this is not real time stock exchange, more like a bunch of people who exchange and report.

NuclearVision wrote

sero wrote

Dan28 wrote
1850 L.L http://lebaneselira.org/

1900 at 9:30
1850 at 10
1925 at 1pm

LBP is becoming as volatile as bitcoin :lol: :mad:

Keep in mind that god knows where these rates are from, this is not real time stock exchange, more like a bunch of people who exchange and report.

Supposedly by going to currency exchange stores and asking.