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Due Banque du Liban (Central Bank of Lebanon) induced extreme market volatility, the Syndicate of Exchange Houses in Lebanon has announced a 2 day strike, with licensed exchange houses closed until Monday April 27, 2020.
Simultaneously, Banque du Liban revised the Parallel Market Rate to a new all-time record of 3,625, up from 2,600, a jump of 1,025 Lebanese Lira since the last Parallel Market Rate was set.
Day 40 of State of Full Mobilization for COVID19 Pandemic.
Is this true?
NuclearVision wrote
Due Banque du Liban (Central Bank of Lebanon) induced extreme market volatility, the Syndicate of Exchange Houses in Lebanon has announced a 2 day strike, with licensed exchange houses closed until Monday April 27, 2020.
Simultaneously, Banque du Liban revised the Parallel Market Rate to a new all-time record of 3,625, up from 2,600, a jump of 1,025 Lebanese Lira since the last Parallel Market Rate was set.
Day 40 of State of Full Mobilization for COVID19 Pandemic.
Is this true?
Yes
If someone needs to pay old bonds which are in usd legally speaking do they need to be paid in usd or can be paid in official usd to lbp rate if legal action is taken?
today i was at the bank, a guy with car loan was asking, she said you need to pay usd unless you get some kind of special approval from the bank.
Thanks for your answer but the payments aren't in a bank its a regular home appliances store, its actually my friend who doesn't wanna pay because the items he got like a year ago and now the price is like too much but isn't sure if legally he will be forced to pay in USD or what, if anyone can give insight on this

in any case it is crazy if you think of it you you owe a store like 6K in home appliances and now your 200$ a month payment is like 800,000 which most people can't afford. and the store needs like 800,000 a month lol so the appliances he got are worth 24,000,000 lol. legally he should pay in official usd to lbp i think since the economy is shit and companies should take some loses not just individuals.
nefe_lpmk wroteMore people will find work and our 30-40% unemployment might get lower after this settles.
Yeah especially since all Syrians and foreign workers (Ethiopian, etc.) are likely to go home or somewhere else where they can be making a better salary.

More people washing their own dishes, I would like to see that.
Many companies are doing tons of money nowadays like Fattal and all other supermarket products importers, they NEVER sold as they are selling today and at market rate of 4000LL, other companies did billions of $ the last years and can afford to pay the employees a raise to give them the power of buying more things than bread and water. But most of them are stubborn and don't understand shit about economy and trade, they just say ''oh my! I used to win 50000$ per month, I will fire employees or keep them at 1500LL salaries instead of losing my precious 50k per month'' , they simply don't understand that if they all do this then nobody will by anything than stuff in supermarkets, but all the market of mobile phones, cars,furniture, decoration stuff, travels, televisions.... will all close their door because they will sell nothing, because salaries in lbp today are way too low. I can understand that a small shop can't raise the employees salaries but medium to big companies who have huge bank accounts should think about a raise to boost up the market and stop being selfish because we will all lose
infiniteloop wroteMany companies are doing tons of money nowadays like Fattal and all other supermarket products importers, they NEVER sold as they are selling today and at market rate of 4000LL, other companies did billions of $ the last years and can afford to pay the employees a raise to give them the power of buying more things than bread and water. But most of them are stubborn and don't understand shit about economy and trade, they just say ''oh my! I used to win 50000$ per month, I will fire employees or keep them at 1500LL salaries instead of losing my precious 50k per month'' , they simply don't understand that if they all do this then nobody will by anything than stuff in supermarkets, but all the market of mobile phones, cars,furniture, decoration stuff, travels, televisions.... will all close their door because they will sell nothing, because salaries in lbp today are way too low. I can understand that a small shop can't raise the employees salaries but medium to big companies who have huge bank accounts should think about a raise to boost up the market and stop being selfish because we will all lose
I don't think they are doing tons of money. In fact I think they are doing less. The purchasing power is weaker and people are after the essentials only.
Kareem wrote
infiniteloop wroteMany companies are doing tons of money nowadays like Fattal and all other supermarket products importers, they NEVER sold as they are selling today and at market rate of 4000LL, other companies did billions of $ the last years and can afford to pay the employees a raise to give them the power of buying more things than bread and water. But most of them are stubborn and don't understand shit about economy and trade, they just say ''oh my! I used to win 50000$ per month, I will fire employees or keep them at 1500LL salaries instead of losing my precious 50k per month'' , they simply don't understand that if they all do this then nobody will by anything than stuff in supermarkets, but all the market of mobile phones, cars,furniture, decoration stuff, travels, televisions.... will all close their door because they will sell nothing, because salaries in lbp today are way too low. I can understand that a small shop can't raise the employees salaries but medium to big companies who have huge bank accounts should think about a raise to boost up the market and stop being selfish because we will all lose
I don't think they are doing tons of money. In fact I think they are doing less. The purchasing power is weaker and people are after the essentials only.
The companies who sell essentials, or dominate the market in some corner are the subject here. I know a company where I live here that makes canned goods. That's an essential, and most of their business is exporting outside of Lebanon which means they are getting paid with fresh US dollars, and they increased the prices of their products available locally in the lebanese market. So technically their business is unaffected. But they are paying their workers 450$ a month on 1500 which is the minimum wage. At the same time most of their income is fresh dollars or what's equivalent in LBP on the local market. They just technically saved the expenditure of employees wages by dividing them almost by 3, and increased their profits massively.
DNA wroteThanks for your answer but the payments aren't in a bank its a regular home appliances store, its actually my friend who doesn't wanna pay because the items he got like a year ago and now the price is like too much but isn't sure if legally he will be forced to pay in USD or what, if anyone can give insight on this

in any case it is crazy if you think of it you you owe a store like 6K in home appliances and now your 200$ a month payment is like 800,000 which most people can't afford. and the store needs like 800,000 a month lol so the appliances he got are worth 24,000,000 lol. legally he should pay in official usd to lbp i think since the economy is shit and companies should take some loses not just individuals.
Legally, I don't think they can ask you to pay in USD. Well of course they will try to, but they can't really go to court with it. Just refuse to do it like everyone else is doing. I bought a refrigerator last summer before all this and just today I paid the final due on LBP 1500. He never even asked me to pay USD or on market price. It was 75000 LBP per month when I bought it and it remained so until today.
It is a weird situation. Last week I bought some (good) grilled chicken, for 19000. Which in practice is now equivalent to $7. So in dollars the price of the chicken is halved, I can have twice the chicken for my dollars.

On the other hand there is inflation on imported goods and massive devaluation of the lira.

All the while the dollar rate is officially 1500 LBP (which is really concerning, imagine if anyone has access to this rate what they can do...)

So It's good that we are still able to eat but it would be nice if it were simpler...
7$? more like 4$.
Meat has increased significantly in price but not poultry, i guess it will when they start running out of antibiotics, hormones and all the other crap they import to feed the chicken.
Kareem wrote people are after the essentials only.
You would be surprised.
NuclearVision wrote7$? more like 4$.
Meat has increased significantly in price but not poultry, i guess it will when they start running out of antibiotics, hormones and all the other crap they import to feed the chicken.
Kareem wrote people are after the essentials only.
You would be surprised.
We are still in denial.
Do you know if in 1990/1991 people were getting salaries in lbp or $?
I wonder how they survived back then
Hello, if my client is going to pay me a usd check of let's say 1000$, what is the best way to cash it out? Noting that I don't have a USD bank account. I know I won't be able to cash it in USD but was wondering if I will be able to cash it in market exchange rate or the bank will force me to take it on 1515 L.L?
Tech Guru wroteIs Bank Audi New Product Valid , Double USD amount when you deposit
& Either you can withdraw it @ 3000 LBP after doubling the amount or doubled USD amount but used on Cheque boncuire.

Example: I can withdraw 1000 USD as fresh dollars & withdraw them @1000×2×3000 = 6 million LBP.

http://www.businessnews.com.lb/cms/Story/StoryDetails/8587/Double-your-dollars-program-launched-by-Bank-Audi-and-others
I can't understand a word, please edit or delete.
thanks
Bank Audi are "offering" anyone who deposits fresh dollars to be converted to "lollars" multiplied by 2.1, BUT capital controls will then apply.

Deposit 1000 USD x 2.1 = 2100 lollars :)

Lebanese genius marketing reached new heights.
I am paying around $800/month for a house that is under development. Any idea what is going to happen?

Of course giving him $$ is not even on the table. He can dream of it, but giving him LBP at the rate of 3.8 or 4 is too much.

Any idea what companies are doing nowadays?
NuclearVision wrote7$? more like 4$.
Meat has increased significantly in price but not poultry, i guess it will when they start running out of antibiotics, hormones and all the other crap they import to feed the chicken.
Kareem wrote people are after the essentials only.
You would be surprised.
As of last week, undiscounted 'baladi' meat was 22000 per kilo as compared to 15000 probably before the October revolution. You used to find deals on chicken legs 4 kg for 10000, but alas, the chicken legs now are between 4,5000-5000 per kg. Odd thing is that the price of chicken breasts has not changed though and chicken legs are smaller meaning the chickens are younger and/or not being shot up with hormones, etc before being slaughtered.

Last week, the butcher told me that he expected meat prices to be at 30000 per kg soon and chicken legs to consistently be over 5000/kg. I haven't checked on the status of that yet.