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Dan28 wrote
ahb21 wroteI any ideas on how I can move my money outside of Lebanon?
withdraw lbp, buy bitcoins, exchange to usd abroad :)
Who's selling bitcoin for LBP at 1500? I have a bridge in Brooklyn to sell them.
Elied wrote
Dan28 wrote
ahb21 wroteI any ideas on how I can move my money outside of Lebanon?
withdraw lbp, buy bitcoins, exchange to usd abroad :)
Who's selling bitcoin for LBP at 1500? I have a bridge in Brooklyn to sell them.
Nobody of course..!
Guys im not sure where this goes on the forum but I think this is fitting. If I transfer 75,000 L.L to someone in Qatar, how much will they in fact be receiving in dollars?
dio wroteGuys im not sure where this goes on the forum but I think this is fitting. If I transfer 75,000 L.L to someone in Qatar, how much will they in fact be receiving in dollars?
If you mean transfer by western union and the likes, they're only accepting USD to transfer money outside.
AVOlio wrote
dio wroteGuys im not sure where this goes on the forum but I think this is fitting. If I transfer 75,000 L.L to someone in Qatar, how much will they in fact be receiving in dollars?
If you mean transfer by western union and the likes, they're only accepting USD to transfer money outside.
Thanks man
Looks like $ will keep increasing till a serious move is done from mr Diab
Lebanon imports more than it exports therefore more USD are leaving the country than entering it so the USD will keep going up until this changes and it can take some time.
AVOlio wrote
dio wroteGuys im not sure where this goes on the forum but I think this is fitting. If I transfer 75,000 L.L to someone in Qatar, how much will they in fact be receiving in dollars?
If you mean transfer by western union and the likes, they're only accepting USD to transfer money outside.

As far as I know they are taking LBP at 1515 to Bangladesh and similar countries. So if you happen to trust someone there, you know the rest...
Kareem wrote
AVOlio wrote
dio wroteGuys im not sure where this goes on the forum but I think this is fitting. If I transfer 75,000 L.L to someone in Qatar, how much will they in fact be receiving in dollars?
If you mean transfer by western union and the likes, they're only accepting USD to transfer money outside.

As far as I know they are taking LBP at 1515 to Bangladesh and similar countries. So if you happen to trust someone there, you know the rest...
Who is taking 1515?
Bob finance, omt both are only accepting cash USD to transfer.
I wanted to transfer to the Philipines, they didn't accept LBP.
AVOlio wrote
Kareem wrote
AVOlio wrote If you mean transfer by western union and the likes, they're only accepting USD to transfer money outside.

As far as I know they are taking LBP at 1515 to Bangladesh and similar countries. So if you happen to trust someone there, you know the rest...
Who is taking 1515?
Bob finance, omt both are only accepting cash USD to transfer.
I wanted to transfer to the Philipines, they didn't accept LBP.
OMT Tayyouneh main branch. You cannot do it yourself the maid needs to go and provide her ID. Last time she went was 2 weeks ago ( Bangladesh )
Today black market exchange rate Rate is 2400 selling USD and 2370 Buying USD .. as more control , no near foreign debt injection of USD , and a dollarized economy based on importing not on domestic production .. I suspect a soon 3000 + exchange rate and more devaluation of LBP and its purchasing power towards 50% inflation rate.

3,000,000 LBP Salaries = Purchasing Power of 1,500,000 LBP.
It will keep climbing to ∞ until purchasing power will be on par with export profit.
But since already suffering export is severely hit by banking restrictions, it is being decimated now, might reach near zero.
If no one voice realistic emergency plans soon, expect such a bad scenario that you can’t even imagine. I apologize for scaring, but it seems it's time for everyone to prepare individual disaster recovery/resilience plans.
nuclearcat wroteIt will keep climbing to ∞ until purchasing power will be on par with export profit.
where could we read more about this ?
You need just economy basics knowledge and to read all the economic indicators, like worldbank and from various credible news sources for recent info, and sure real experiences of export companies (their supply chain disrupted too). Trade balance and financials of Lebanon are really simple - $ stash in Lebanon are being dried up, circulating LL mass increasing. There is other countless factors that make situation even worse.
Lebanon is a very small country and not self-sustainable. Therefore, the options that are available in larger countries (focusing on the domestic economy for survival, patching up trade balance) - wont work in Lebanon.
potato wrote
nuclearcat wroteIt will keep climbing to ∞ until purchasing power will be on par with export profit.
where could we read more about this ?
The thing is all over twitter nowadays, many are providing incite about the matter. Check this Finance 4 Lebanon
There are no more imports, all ''woukala'' besides food are stopping completely the imports because of $, in contrario many people are selling their $ now given the high rate, so why is it climbing? Because as long as the government doesn't make a law that regulates the max quotas of exchange places they will keep putting prices without any serious finance calculation.
It was the exact same situation in 1990, exchange places were totally free to put the rate they wanted and the LBP reached 2500, and since 1990 they didn't (or they don't want to) make a law that stop these thieves to continue prosper
nuclearcat wrote I apologize for scaring, but it seems it's time for everyone to prepare individual disaster recovery/resilience plans.
I am stocking up tuna cans, dried beans, buying a winter sleeping bag...
Hmm... what's left? A weapon, some gallons of fuel for emergency heating, water filters?
infiniteloop wrote It was the exact same situation in 1990, exchange places were totally free to put the rate they wanted and the LBP reached 2500, and since 1990 they didn't (or they don't want to) make a law that stop these thieves to continue prosper
There is a law now, the exhange rate is fixed at 2000 LL. So exchange shops will buy your USD at 2000 LL but they will refuse to sell any, saying the ran out. I guess maybe they are selling them on the black market at 2400 or whatever new high it has reached now.

So is it better now that they have put controls.

You sound like a communist. "Yes but communism failed because it was not implemented properly". Yeah I guess Stalin did not send enough "traitors" to their deaths. So many evil imperialistic devils...
rolf wrote
infiniteloop wrote It was the exact same situation in 1990, exchange places were totally free to put the rate they wanted and the LBP reached 2500, and since 1990 they didn't (or they don't want to) make a law that stop these thieves to continue prosper
There is a law now, the exhange rate is fixed at 2000 LL. So exchange shops will buy your USD at 2000 LL but they will refuse to sell any, saying the ran out. I guess maybe they are selling them on the black market at 2400 or whatever new high it has reached now.

So is it better now that they have put controls.

You sound like a communist. "Yes but communism failed because it was not implemented properly". Yeah I guess Stalin did not send enough "traitors" to their deaths. So many evil imperialistic devils...
I want to know which exchange place still use 2000 , even the ABC one which is ''official'' is taking $ at 2300LL and selling at 2420LL
nuclearcat wroteTherefore, the options that are available in larger countries (focusing on the domestic economy for survival, patching up trade balance) - wont work in Lebanon.
Until I see real change which benefits the people (24h electricity for example?) I will not put any hope in the government of Lebanon.

For the people of Lebanon to have a better future, I believe in:
- Guerrilla economy: Struggling for continuing economic success despite all the restrictions, going around banks, etc. Maybe with some foreign help - I think that anyone going down that route can maybe find international support, but it is risky because this support can change pretty quickly.
- To control the development of the petrol extraction. This will be a tricky one but people of Lebanon must have a say and some control in this new development, otherwise there is a risk in the end that resources and revenues from petrol extraction will just end up being used to subjugate, control free people and threaten entrepreneurship and small businesses.