TheIlluminative wroteSo I will be in Istanbul this weekend, any idea how to exchange $$ to L.L? I am trying to get $$ everyday from ATM's here. But I am being limited to only $150/day :( Still better than nothing!
Checkout exchangers at Istiklal Cadessi. The 100,000 LBP being exhanged in Istanbul for 23 USD. They take USD but not LBP.
100,000/23 ~ 4500 LBP for each 1 USD
100 USD there ~ 450,000 LBP
Istanbul needs to impose control, else local exchanges here will make fortunes " illegally" , local exchanges are taking LBP for USD @ 2000 (now) , They buy the 100 USD and give 200,000 LBP. They take the 100 USD Exchange at Istanbul @ 450,000 LBP
Profit for each 100 USD they make 450,000 - 250,000 = 150,000 LBP. Assume they got 1000 USD , 1000× 150,000 = 1,500,000 LBP profit.