• Lobby

  • Lebanese Banks Capital Control

m0ei wroteI'm receiving a transfer soon from abroad, I'll let you know. As far as I'm aware, fresh money are exempt from the latest circular.

If they give me LBP instead.... a massacre will happen.
Probably this new circular is on the bimonthly $$ limit that you can withdraw.
so instead of the 300$ bimonthly, you'd get LBP at 2600

However for fresh money its not mentioned in the circular. I doubt they'll implement it on fresh money as its now the only source of $$ getting into the country after Circular #551 was implemented (WU will give LBP instead of $$)
sero wrote
m0ei wroteI'm receiving a transfer soon from abroad, I'll let you know. As far as I'm aware, fresh money are exempt from the latest circular.

If they give me LBP instead.... a massacre will happen.
Probably this new circular is on the bimonthly $$ limit that you can withdraw.
so instead of the 300$ bimonthly, you'd get LBP at 2600

However for fresh money its not mentioned in the circular. I doubt they'll implement it on fresh money as its now the only source of $$ getting into the country after Circular #551 was implemented (WU will give LBP instead of $$)
I am really confused about the circular and especially how it applies to 'fresh' money. Most of the funds in my accounts are 'fresh' and if they aren't giving currency, it is a bigger theft at 1507.5 than 2600. I have family which send money through me for my parents and I may have them start sending most of the money via Western Union instead of the bank until they get their shit straight.

The politicians don't know what to do and are leaving a bigger mess on their hands then what we started with these little incremental moves which aren't leading to nowhere. Either give us capital controls or give us something coherent with an end game--I guess that is too much to ask.
Fresh money is excluded from this circular.

More instructions to come up in the next dew days
However, these kind of circulars are throwing the ball to the Banks, and commercial banks have a deep money greed. These kind of circulars are giving banks more power of control to put people needs in their hands. Even if a circular doesn't mention anything about fresh money to be given @ LBP × Set Parallel market rate , Banks in retrun , as some doing now, say: We do not have fresh Dollar , we can give it to you in LBP. A person will protest / shout / fight with " darak" outside protecting the banks. Either he wins for his / her rights or he accepts to take them at 2600.
2 months later
Do you guys have any idea if any debit card that is in LBP (any bank) still allows you to pay in $, even if it is a 10-15$ monthly limit?
Kazouza wroteDo you guys have any idea if any debit card that is in LBP (any bank) still allows you to pay in $, even if it is a 10-15$ monthly limit?
Credit Libanais, Fransabank (not sure about this one) at least in my experience. I don't know if there is something special about these 2 credit cards but I sure know they are salary cards in LBP. Still paying for Netflix from the Credit Libanais LBP card.
Kazouza wroteDo you guys have any idea if any debit card that is in LBP (any bank) still allows you to pay in $, even if it is a 10-15$ monthly limit?
I have blom mini card. The last few months I was able to buy from aliexpress for up to 15$ per month. Payment fails if I exceed 15$.

Edit: just noticed you were asking for LBP card. Mini card is in dollars.
vengeance666 wrote
Kazouza wroteDo you guys have any idea if any debit card that is in LBP (any bank) still allows you to pay in $, even if it is a 10-15$ monthly limit?
Credit Libanais, Fransabank (not sure about this one) at least in my experience. I don't know if there is something special about these 2 credit cards but I sure know they are salary cards in LBP. Still paying for Netflix from the Credit Libanais LBP card.
You are lucky then, my CL card in LBP doesn't allow me to pay even 1$. Only local merchants and in LBP.
Byblos's website says up to 20$ if it's in LBP. Not sure tho, haven't tried it.
Padre wroteByblos's website says up to 20$ if it's in LBP. Not sure tho, haven't tried it.
Can confirm, bought using an LBP byblos debit card and everything was fine (15$ PSN card from Geekay Games)
24 days later
Seems Bank Audi amended the limits earlier this month as most of us with Debit Cards received an sms notifying us of it.

Been trying to get in touch with them over 1570 but couldnt through, if someone has info please share.
kareem_nasser wroteSeems Bank Audi amended the limits earlier this month as most of us with Debit Cards received an sms notifying us of it.

Been trying to get in touch with them over 1570 but couldnt through, if someone has info please share.
they have a whatsapp. I asked first of july, they said $100 for USD accounts and $50 for lbp accounts, for debit cards.
Hybrid wrote
kareem_nasser wroteSeems Bank Audi amended the limits earlier this month as most of us with Debit Cards received an sms notifying us of it.

Been trying to get in touch with them over 1570 but couldnt through, if someone has info please share.
they have a whatsapp. I asked first of july, they said $100 for USD accounts and $50 for lbp accounts, for debit cards.
Weird. It was 50 USD on my LBP Debit card earlier this year, so basically nothing changed.
8 months later
Next month will be different for those of us getting paid in Lollars: 3900/13000 LL = 70% haircut, if not more as the rate is getting worse.
I am leaning forwards not to withdraw next month, what do you guys reckon?
Guitaret wroteNext month will be different for those of us getting paid in Lollars: 3900/13000 LL = 70% haircut, if not more as the rate is getting worse.
I am leaning forwards not to withdraw next month, what do you guys reckon?
well it not a matter of withdrawing or not, right ? it's a matter of exchanging the LBP that you withdrew for USD.
nosense wrote
Guitaret wroteNext month will be different for those of us getting paid in Lollars: 3900/13000 LL = 70% haircut, if not more as the rate is getting worse.
I am leaning forwards not to withdraw next month, what do you guys reckon?
well it not a matter of withdrawing or not, right ? it's a matter of exchanging the LBP that you withdrew for USD.
You realize that the 3900 thingy is bait for us so they get away from paying us our money back. It used to be a 50% loss but now it is a much bigger loss. If people have no problem taking their printed money, they will still print it, the rate will be much higher while they get away with their theft of the century.
Guitaret wrote
nosense wrote
Guitaret wroteNext month will be different for those of us getting paid in Lollars: 3900/13000 LL = 70% haircut, if not more as the rate is getting worse.
I am leaning forwards not to withdraw next month, what do you guys reckon?
well it not a matter of withdrawing or not, right ? it's a matter of exchanging the LBP that you withdrew for USD.
You realize that the 3900 thingy is bait for us so they get away from paying us our money back. It used to be a 50% loss but now it is a much bigger loss. If people have no problem taking their printed money, they will still print it, the rate will be much higher while they get away with their theft of the century.
well of course I do know that, what I also know is that the dollars in the banks will only lose value with time not the other way around, If you have faith that you're gonna get your dollars back then by all means don't withdraw any.
Perhaps one day the black market exchange rate will drop close to 3900.
BDL is announcing something soon regarding allowing banks and exchangers to trade dollars at a fixed rate. Another rabbit to pull out of a hat I know, but let's hope the rate comes down a bit.
Guitaret wroteBDL is announcing something soon regarding allowing banks and exchangers to trade dollars at a fixed rate. Another rabbit to pull out of a hat I know, but let's hope the rate comes down a bit.
Usually whenever they implement something, the implementation is so bad that rate goes up.