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TheIlluminative wroteI 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?


I have a similar problem, I made a down-payment on an apartment and was paying monthly payments until the Iskan comes back, however the contract was in USD and I still needed around 60000$ to finish. The owner now wants on higher exchange rate but I won't pay that much difference so I am trying to secure the rest of the amount due in LBP ( 90 millions lbp) to offer it in 1 payment. If he refuses I think I will go the legal way and hire a lawyer cause as I know, "legally" all contracts made in Lebanon should be paid in local currency with the official rate at the date of execution whether the contract was made in lbp or usd that's what I was told. Now the fist question is how to secure all the remaining amount!
Don't know if a similar solution can be helpful in your case!
TheIlluminative wroteI 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?
The best would be paying him LBP if he accepts.
Otherwise, just freeze the whole thing until further notice, that's what I would do.
kareem_nasser wroteBank 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.
Getting them 2100 × 3000 = 6,300,000 LBP & flipping them back to USD in the black market is a good manoeuvre I can do. It will not each a 6000 rate suddenly. Plan B, is closing a debt or give some a Cheque Boncuire @ 2100 USD ( Quick Example: Ordering items from Amazon through Shipped.io, they do accept a bank cheque.

6,300,000 / 5000 (Assume the rate reaches 5000) = 1260 USD , a good 260 USD.

It is a smart move from Audi to get USD from people @ giving them LBP @ approximately 6000 Rate vs the current black market. Hopefully it will be a one two day flip , no maturity days applies as the LBP rapidly losing against USD.

Monday I will call Audi. If everything is clear , I will deposit 10,000 USD fresh money.
Shipped.io accepts a USD bank cheque? that's weird!
I think trying to outsmart Audi is bad idea :) but if someone risky enough - try that...
infiniteloop wroteDo you know if in 1990/1991 people were getting salaries in lbp or $?
I wonder how they survived back then
We were getting paid in LBP back then. People would literally refuse US dollars.
The difference is that back then, the economy was based on LBP alone and rafik harirri heavily reinforced that.
The dollar meant nothing to people.
I remember we tried to buy a TV in 1991 and the store refused to accept dollars. It was a National.
We used to get upset if the grocery store returned a dollar bill for change because it was difficult to get rid of it.
Despite everything, life in the early to mid 90s was beautiful. We have Music Television (MTV). We have the perfect mix of traditional life and technology. We had both computers and arcade places. We had the cassette and the CD. The music was beautiful.

I would go Thanos on this planet to get the 90s back!
Tech Guru wrote
kareem_nasser wroteBank 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.
Getting them 2100 × 3000 = 6,300,000 LBP & flipping them back to USD in the black market is a good manoeuvre I can do. It will not each a 6000 rate suddenly. Plan B, is closing a debt or give some a Cheque Boncuire @ 2100 USD ( Quick Example: Ordering items from Amazon through Shipped.io, they do accept a bank cheque.

6,300,000 / 5000 (Assume the rate reaches 5000) = 1260 USD , a good 260 USD.

It is a smart move from Audi to get USD from people @ giving them LBP @ approximately 6000 Rate vs the current black market. Hopefully it will be a one two day flip , no maturity days applies as the LBP rapidly losing against USD.

Monday I will call Audi. If everything is clear , I will deposit 10,000 USD fresh money.
I don't recommend you put any cash $$ at any Lebanese bank no matter their offer, can't you see what they have been doing for the past 6 month? how can you still trust them!
fool me once shame on you, fool me twice shame on me

Although the x 2.1 is confirmed news. news concerning being able to withdraw them at 3,000 is not yet accurate.
Always remember that any deal you make with any bank is always in benefit to the bank. So think about it, why would Bank Audi do this and not just buy cash USD from a sarraf at 4,000 instead?
sero wrote
Tech Guru wrote
kareem_nasser wroteBank 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.
Getting them 2100 × 3000 = 6,300,000 LBP & flipping them back to USD in the black market is a good manoeuvre I can do. It will not each a 6000 rate suddenly. Plan B, is closing a debt or give some a Cheque Boncuire @ 2100 USD ( Quick Example: Ordering items from Amazon through Shipped.io, they do accept a bank cheque.

6,300,000 / 5000 (Assume the rate reaches 5000) = 1260 USD , a good 260 USD.

It is a smart move from Audi to get USD from people @ giving them LBP @ approximately 6000 Rate vs the current black market. Hopefully it will be a one two day flip , no maturity days applies as the LBP rapidly losing against USD.

Monday I will call Audi. If everything is clear , I will deposit 10,000 USD fresh money.
I don't recommend you put any cash $$ at any Lebanese bank no matter their offer, can't you see what they have been doing for the past 6 month? how can you still trust them!
fool me once shame on you, fool me twice shame on me

Although the x 2.1 is confirmed news. news concerning being able to withdraw them at 3,000 is not yet accurate.
Always remember that any deal you make with any bank is always in benefit to the bank. So think about it, why would Bank Audi do this and not just buy cash USD from a sarraf at 4,000 instead?
I agree. Just boycott all banks. They stole enough.
VincentKeyboard wrote I would go Thanos on this planet to get the 90s back!
Cars were crappy.
But technology was generally more reliable.
Geoleb wroteNow the fist question is how to secure all the remaining amount!
I think you may need to secure more than the amount in LBP (90 million) because lawyers are expensive...
sero wrote
Tech Guru wrote
kareem_nasser wroteBank 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.
Getting them 2100 × 3000 = 6,300,000 LBP & flipping them back to USD in the black market is a good manoeuvre I can do. It will not each a 6000 rate suddenly. Plan B, is closing a debt or give some a Cheque Boncuire @ 2100 USD ( Quick Example: Ordering items from Amazon through Shipped.io, they do accept a bank cheque.

6,300,000 / 5000 (Assume the rate reaches 5000) = 1260 USD , a good 260 USD.

It is a smart move from Audi to get USD from people @ giving them LBP @ approximately 6000 Rate vs the current black market. Hopefully it will be a one two day flip , no maturity days applies as the LBP rapidly losing against USD.

Monday I will call Audi. If everything is clear , I will deposit 10,000 USD fresh money.
I don't recommend you put any cash $$ at any Lebanese bank no matter their offer, can't you see what they have been doing for the past 6 month? how can you still trust them!
fool me once shame on you, fool me twice shame on me

Although the x 2.1 is confirmed news. news concerning being able to withdraw them at 3,000 is not yet accurate.
Always remember that any deal you make with any bank is always in benefit to the bank. So think about it, why would Bank Audi do this and not just buy cash USD from a sarraf at 4,000 instead?

Confirmed from insiders, rate would be 1515 LL not 2600, 3000 or anything in this range.
m0ei wroteShipped.io accepts a USD bank cheque? that's weird!

Thanks, at what exchange rate? given that they price in LBP.
m0ei wroteThanks, at what exchange rate? given that they price in LBP.

They are usually ~ 13 to 15 % Less than the current market rate. Worst case scenario for today , as an example, 3900 (0.87) ~ 3400. On the flip side, Libazon prices are lower.
Kareem wrote
sero wrote
Tech Guru wrote
Getting them 2100 × 3000 = 6,300,000 LBP & flipping them back to USD in the black market is a good manoeuvre I can do. It will not each a 6000 rate suddenly. Plan B, is closing a debt or give some a Cheque Boncuire @ 2100 USD ( Quick Example: Ordering items from Amazon through Shipped.io, they do accept a bank cheque.

6,300,000 / 5000 (Assume the rate reaches 5000) = 1260 USD , a good 260 USD.

It is a smart move from Audi to get USD from people @ giving them LBP @ approximately 6000 Rate vs the current black market. Hopefully it will be a one two day flip , no maturity days applies as the LBP rapidly losing against USD.

Monday I will call Audi. If everything is clear , I will deposit 10,000 USD fresh money.
I don't recommend you put any cash $$ at any Lebanese bank no matter their offer, can't you see what they have been doing for the past 6 month? how can you still trust them!
fool me once shame on you, fool me twice shame on me

Although the x 2.1 is confirmed news. news concerning being able to withdraw them at 3,000 is not yet accurate.
Always remember that any deal you make with any bank is always in benefit to the bank. So think about it, why would Bank Audi do this and not just buy cash USD from a sarraf at 4,000 instead?

Confirmed from insiders, rate would be 1515 LL not 2600, 3000 or anything in this range.
So basically If I deposit 10,000 USD:

10000× 2 = 20000 USD

Either
20,000 USD no withdraw but a Bank Cheque ( Boncuire)

Or

20,000 USD ×1515 = 30,300,000 LBP Withdraw

Therefore , they are taking the 10000 USD at a rate of 3,030

May you please ask your insider & vetify that to me.
infiniteloop wrote I will fire employees or keep them at 1500LL salaries instead of losing my precious 50k per month
At the current rate of change of dollar price, they will increase salaries every month then. That won't make sense.
The only solution for this is that trading becomes LBP only. Don't accept to buy stock for your store from suppliers who won't charge you at 1500LBP.
VincentKeyboard wrote At the current rate of change of dollar price, they will increase salaries every month then. That won't make sense.
The only solution for this is that trading becomes LBP only. Don't accept to buy stock for your store from suppliers who won't charge you at 1500LBP.
That solution wouldn't work as companies will simply not sell at a loss and would rather keep something that retains its value (such as the stock they're selling)

The only solution is foreign aid, which is not possible anytime soon, especially with the Riad Salameh-related offenses happening lately. This is indeed a tragedy-comedy.
VincentKeyboard wrote
infiniteloop wrote I will fire employees or keep them at 1500LL salaries instead of losing my precious 50k per month
At the current rate of change of dollar price, they will increase salaries every month then. That won't make sense.
The only solution for this is that trading becomes LBP only. Don't accept to buy stock for your store from suppliers who won't charge you at 1500LBP.
Increasing salaries will increase hyperinflation, your money will depreciate faster than salary increase.

Forcing people to sell 1500LL wont work. I shortened this economical lesson, had to explain woman in shop, who was ranting near the cat food stand:
"If i bought from outside 100 cat food boxes, $1 each, and i sell to people for 1500LL. Then i will go to sarraf to get money for new shipment, how much $ i will get?
People happy, i'm broke."

The reality is that if we do not wake up, reduce import (esp. luxury items) and wont start exporting something to get $$, then we will all eat the veggies and dirt(because there is not enough arable land even to cover internal foodstuff needs).
This is harsh reality, REAL purchasing power of majority, without spending expats money in banks - not enough even for daily food.
Purchasing power is equal to exported product value you create. If you toss papers at your work from one shelf to another - your purchasing power is near zero now.
Service sector is over, it was clear since start of syrian war. Agriculture, manufacturing - is everything.

And to be honest, at current moment import policies are bad (unpredictable overtaxing at customs for small shipments) - small manufacturing doomed and not competitive.
I personally set myself the task - to start producing something, even with losses, and then raise the question about this.
And if there is no dialogue, god save those who harm manufacturing (evil smile).
Here You Go , Lebanon has officially joined the hyper inflation club. LBP is losing its purchasing power very rapidly. Poverty & starvation spiral lunched. With no control , long term plans , shift to a productive economy , retrieval of robbed money , and no injection of foregin help (debt) .. More black days to come. Be Prepared





nuclearcat wrote
VincentKeyboard wrote
infiniteloop wrote I will fire employees or keep them at 1500LL salaries instead of losing my precious 50k per month
At the current rate of change of dollar price, they will increase salaries every month then. That won't make sense.
The only solution for this is that trading becomes LBP only. Don't accept to buy stock for your store from suppliers who won't charge you at 1500LBP.
Increasing salaries will increase hyperinflation, your money will depreciate faster than salary increase.

Forcing people to sell 1500LL wont work. I shortened this economical lesson, had to explain woman in shop, who was ranting near the cat food stand:
"If i bought from outside 100 cat food boxes, $1 each, and i sell to people for 1500LL. Then i will go to sarraf to get money for new shipment, how much $ i will get?
People happy, i'm broke."

The reality is that if we do not wake up, reduce import (esp. luxury items) and wont start exporting something to get $$, then we will all eat the veggies and dirt(because there is not enough arable land even to cover internal foodstuff needs).
This is harsh reality, REAL purchasing power of majority, without spending expats money in banks - not enough even for daily food.
Purchasing power is equal to exported product value you create. If you toss papers at your work from one shelf to another - your purchasing power is near zero now.
Service sector is over, it was clear since start of syrian war. Agriculture, manufacturing - is everything.

And to be honest, at current moment import policies are bad (unpredictable overtaxing at customs for small shipments) - small manufacturing doomed and not competitive.
I personally set myself the task - to start producing something, even with losses, and then raise the question about this.
And if there is no dialogue, god save those who harm manufacturing (evil smile).
As i said before we are still in denial. Some are still planning their travel plans this year as the rate will be back to 1500, others planning their weddings, or how to manage their nonexistent bank dollars (lollars). Give it some time and they will see you are right 100%.

If things are back, people need to know the magic which intervened. :)