Excellent thread on producing and sustainability: https://twitter.com/MouhanedD/status/1254686232120037377
Lebanese lira to USD exchange
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Home hydroponic gardening is a great idea, especially when the sun is the light source instead of LEDs, which makes it a good option for condensed urban plant agriculture. However, unlike traditional crop growing, it requires constant attention and monitoring, and small mistakes can lead to huge losses. I also find it bizarre that the system on display is open to the environment, as it's an invitation for all kinds of pests to come take a shit in your plants and solution. Also not fond of aquaponics.
Anthroponics seems to be the most sustainable version, but it's a long way into the future before it sees wide implementation.
Anyways... I wonder if anyone's melting 100, 250 and 500 liras for their metals. Surely the metals in the coins have become more valuable than the coins themselves.
Anthroponics seems to be the most sustainable version, but it's a long way into the future before it sees wide implementation.
Anyways... I wonder if anyone's melting 100, 250 and 500 liras for their metals. Surely the metals in the coins have become more valuable than the coins themselves.
The dollar’s rise was caused by the Bank of Lebanon raising support from the exchange rate since last year, due to its inability to use the bank’s reserves, which has become very low, and therefore not tolerating more losses.
It is not decided where the dollar exchange rate is going, and this is due to the policy that the state will follow, indicating that the exchange rate can stand at the limits of five thousand.
Provided that we reduce our consumption of some matters and raise support for importing oil and impose some taxes on luxury matters, but if in the case of a convincing a masked haircut , giving USD deposits in pounds, then the price of the dollar could exceed ten or twenty thousand pounds.
The minimum wage is currently 675,000 LBP that has an equivalence of 170USD now.
It is not decided where the dollar exchange rate is going, and this is due to the policy that the state will follow, indicating that the exchange rate can stand at the limits of five thousand.
Provided that we reduce our consumption of some matters and raise support for importing oil and impose some taxes on luxury matters, but if in the case of a convincing a masked haircut , giving USD deposits in pounds, then the price of the dollar could exceed ten or twenty thousand pounds.
The minimum wage is currently 675,000 LBP that has an equivalence of 170USD now.
I do not see it going down. As product prices are affected by the exchange rate, it seems obvious that we have not yet reached the actual LBP to USD rate.
I believe we will reach a point that LBP to USD will stagnate and that will be our new Rate. And after that, we will see decrees and laws in place to ban foreign money being traded in banks (i.e Loans, Salaries, etc.) will all be in LBP but you will be able to transfer foreign currency to outside using this new Rate.
What this Rate can be, it could be 5,000LL if we are optimistic, but we seem headed to 20,000LL.
I believe we will reach a point that LBP to USD will stagnate and that will be our new Rate. And after that, we will see decrees and laws in place to ban foreign money being traded in banks (i.e Loans, Salaries, etc.) will all be in LBP but you will be able to transfer foreign currency to outside using this new Rate.
What this Rate can be, it could be 5,000LL if we are optimistic, but we seem headed to 20,000LL.
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I didn't think that the Central Bank was still publishing numbers but it seems that it is (thanks God!).jsaade wrote What this Rate can be, it could be 5,000LL if we are optimistic, but we seem headed to 20,000LL.
Note that the trend started in October last year. M0 means the amount of coins and bills in circulation.
https://tradingeconomics.com/lebanon/money-supply-m0
It is interesting that if you look at M3 it is actually going down so it is interesting to see how people are withdrawing all their money from their savings (M3 is basically long term savings, etc.), so this is what feeds the increase in M0 at least partially.
https://tradingeconomics.com/lebanon/money-supply-m3
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The current cabinet is in a major problem if they are implementing the International Monetary Fund plan . If the dollar is fixed on 3500, Everything with BDL support imports like wheat, petroleum, medicine , dollar loans , and rents .. will be paid 3500 LBP Rate instead of 1515 .. with a minimum Wage of 675,000 and many public/private sector employees are getting paid on 1515 base without any inflation adjustment ..
This step will expose more than 90% of the Lebanese workforce, who get paid in Lebanese pounds , to direct poverty. Without increasing the minimum wages and adjusting them to the high cost of living, Diab like his predecessor , is adding more debt on the country again, without recovering the stolen money, show who is accountable for that , and prosecute the corrupt.
Same Ex governments trend , nothing change added to that liberating the LBP to 3500 official rate.
This step will expose more than 90% of the Lebanese workforce, who get paid in Lebanese pounds , to direct poverty. Without increasing the minimum wages and adjusting them to the high cost of living, Diab like his predecessor , is adding more debt on the country again, without recovering the stolen money, show who is accountable for that , and prosecute the corrupt.
Same Ex governments trend , nothing change added to that liberating the LBP to 3500 official rate.
There is a rule against discussing politics in this forum.Tech Guru wrotePM Diab must resign as soon as possible
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Edited. It not political related to him or any one. The major point is librating the 1515 official rate to 3500. Just trying to show it is catestrophical complications on already tired citzens. Hopefully the core message is understandable & you may have elaborated more on this issue not think I am going into a political debate. It is my least interest to put my input into. Of you skim in all my inputs , you may find that.rolf wroteThere is a rule against discussing politics in this forum.Tech Guru wrotePM Diab must resign as soon as possible
Honestly, I don't think it's even possible to fix usd at this stage, let alone at 3500....
Because there is blindness towards that most people get paid a fixed amount in LL and not dollars convetred to LL.Tech Guru wroteThe current cabinet is in a major problem if they are implementing the International Monetary Fund plan . If the dollar is fixed on 3500, Everything with BDL support imports like wheat, petroleum, medicine , dollar loans , and rents .. will be paid 3500 LBP Rate instead of 1515 .. with a minimum Wage of 675,000 and many public/private sector employees are getting paid on 1515 base without any inflation adjustment ..
This step will expose more than 90% of the Lebanese workforce, who get paid in Lebanese pounds , to direct poverty. Without increasing the minimum wages and adjusting them to the high cost of living, Diab like his predecessor , is adding more debt on the country again, without recovering the stolen money, show who is accountable for that , and prosecute the corrupt.
Same Ex governments trend , nothing change added to that liberating the LBP to 3500 official rate.
Frankly, I am very scared.
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I don't understand how BDL allows external payments via debit/credit card up to a certain limit depending on the amount but disallow local businesses to benefit from it.
If they allowed that same amount to be used locally for local businesses, and allow these businesses to cash out the amount in USD after X weeks or whatever, similar to how they handle external payments, it would be much better for the dying economy.
This way, USD would stay inside the country, rather than sending the last amounts we have to foreign banks.
If they allowed that same amount to be used locally for local businesses, and allow these businesses to cash out the amount in USD after X weeks or whatever, similar to how they handle external payments, it would be much better for the dying economy.
This way, USD would stay inside the country, rather than sending the last amounts we have to foreign banks.
Our banking system is 15 years behind and fundamentally flawed. While it was sound and weathered the 2008 crash, it never evolved I feel sorry for small businesses who cannot accept credit cards any more because they don't get access to that money. They can't buy goods to stock in theri store without going through the sarafeen mafia. The business model in this country is bank centric--all transactions flow through local banks and while it makes them happy, the people get screwed over when there are problems.m0ei wroteI don't understand how BDL allows external payments via debit/credit card up to a certain limit depending on the amount but disallow local businesses to benefit from it.
If they allowed that same amount to be used locally for local businesses, and allow these businesses to cash out the amount in USD after X weeks or whatever, similar to how they handle external payments.
This way, USD would stay inside the country, rather than sending the last amounts we have to foreign banks.
There should be an effort made to decentralize some of the decision making of BDL and start allowing peer to peer transactions. Would be safer than cash and you would have access to it at any time and wouldn't require a bank unless you wanted to go to an ATM.
According to the government's reform plan the LBP won't stay fixed at 3,500 to the dollar as there shall be a more flexible exchange rate (page 10) and public sector employees shall see an annual wage increase as an adjustment for inflation.
Same problem as everywhere...eWizzard wroteAccording to the government's reform plan the LBP won't stay fixed at 3,500 to the dollar as there shall be a more flexible exchange rate (page 10) and public sector employees shall see an annual wage increase as an adjustment for inflation.
At one side it is not acceptable at all that depreciation put some of them below poverty line. But it puts everybody.
At another side, if trade balance is not fixed before that, all this banking tricks (audi * 2 for fresh money, etc) + wage increase - will cause lira to skyrocket even more, and private sector who only can help country to recover will be totally dead, because they can't just follow "trend" and increase salaries by changing numbers. It seems to me fair to tie public sector salaries to average private sector salaries.
Therefore, any public sector employee who are choking private sector will understand that he is strangling himself in an indirect way.
And IMO knowing how the IMF works, no one will give Lebanon loan with such plans, unless other spending reductions and taxes increase - will please them. But guess what, taxes increase is even worse for private sector.
The usual half assed plans our officials make. Put all the losses on the already screwed up average citizen and bail out the 1%. Did anyone in their right minds have hopes that they would make an actual reform plan that would cater to everyone's hopes and dreams ?
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eWizzard wroteAccording to the government's reform plan the LBP won't stay fixed at 3,500 to the dollar as there shall be a more flexible exchange rate (page 10) and public sector employees shall see an annual wage increase as an adjustment for inflation.
Mate where it is mentioned that public sector employees shall see an annual wage increase as an adjustment for inflation. I was drilling in the whole plan and page 10 , however I didnot spot that. Usually when the LBP is librated , it will be librated by a law voted by the parliament and not a BDL circular. The new law must take into consideration adjusting wages to the new currency liberation , as an adjustment for the inflation. Reason, all existing salaries are paid on 1515 bases. Private sector adherence remains per business owners / board of directors profitability analysis which are highly sensitive to economic volatility.
The issue is not with fixing rate, it is with missing liquidity.
whatever the official rate is, if we USD is needed and you cannot "officially" exchange to USD in banks, then that price will go up. These last few days USD rate is lower (3700-3800) but you cannot even buy or exchange USD, so this does not mean anything, I can still sell USD at 4000+ as it is in demand.
whatever the official rate is, if we USD is needed and you cannot "officially" exchange to USD in banks, then that price will go up. These last few days USD rate is lower (3700-3800) but you cannot even buy or exchange USD, so this does not mean anything, I can still sell USD at 4000+ as it is in demand.
So a real solution is to limit our need for USD?
Yea or a source for USD. But it's actually the same since when you become productive locally and limit your need for USD, USD will start then flowing in from exports. Without doing that, you're stuck in an endless loop of debts and interests payments (this is what happened, we racked up shit ton of debt over the years to pay the debts before that to a point where everything collapsed).VincentKeyboard wroteSo a real solution is to limit our need for USD?
Page 17: In order to mitigate the impact of high inflation on the purchasing power of civil employees, the government also intend to compensate for the real depreciation by one-off increases of nominal salaries to be determined on an annual basis based on previous year inflation estimate figuresTech Guru wroteMate where it is mentioned that public sector employees shall see an annual wage increase as an adjustment for inflation. I was drilling in the whole plan and page 10 , however I didnot spot that. Usually when the LBP is librated , it will be librated by a law voted by the parliament and not a BDL circular. The new law must take into consideration adjusting wages to the new currency liberation , as an adjustment for the inflation. Reason, all existing salaries are paid on 1515 bases. Private sector adherence remains per business owners / board of directors profitability analysis which are highly sensitive to economic volatility.