LebGeeks

Kareem

Member

Re: Lebanese lira to USD exchange

Anyone heard of people layed off or started getting payed in lbp currency ?
some say companies like shopandship, alfa, touch, ogero etc.. are struggling with keeping $ currency rolling in and eventually their employees will start getting payed with lbp if lets stay Lebanon will survive since the country will eventually collapse if the situation keep getting worse. If this happens very few international companies will stay in lebanese market since no benefit for them to drag themselves with this train.

Well I think they shouldn't be paid in USD in the first place. FYI the US embassy employees are paid in LBP.  Unless it's an international company that's transfering money to the country, I don't think it makes any sense to pay in USD.

Just my 2 cents...

Well aub and aubmc are being payed in USD...
Ill try to explain why its not the same with all companies and you shouldve known that since u already worked with telecom companies before.

All of the quipments of these companies are brought abroad and shipped to lebanon using $ currency and all of the contracts of these companies with international companies like ericsson/Nokia/huawei etc.. are written with $ currency. Now that being said. $ was easier for these companies to earn from customers  now that banks made it harder to get $ all of these companies had to rely on lbp since they need money at the end of the day. When u cut $ that means u cut upgrades, support, equipments, and most important thing u made these companies to stop being productive and eventually that means we are back to square one that means bad coverage, bad support for the customers. Yup bad ending in my view.

Same thing can be said for cars. U cant just go and buy a new car in lbp since its being brought in $ currency...

But the thing is, I was getting paid in USD because it's an international company. Ogero, shopandship, touch and alfa nor not international companies.

You're mixing up things. Importing should be in USD but paying the employee doesn't have to. Every country import and export, but Lebanon is one of the very few cases were people have options.

In UAE, most of the contracts or job offers are in AED; doesn't matter which company and where. Now paying to import stuff should be arranged by the banks or BDL but the circulating currency in the country should be LBP.

I don't know if I made my point.

VincentKeyboard

Member

Re: Lebanese lira to USD exchange

I know few people who used to earn $800 (1,200,000) are getting the same amount but in LBP which means, their new salary is $600.

In all fairness, that makes sense. The official rate is ~1500LL. Why should companies abide by black market rates?

dsoftware.king

Member

Re: Lebanese lira to USD exchange

I know few people who used to earn $800 (1,200,000) are getting the same amount but in LBP which means, their new salary is $600.

In all fairness, that makes sense. The official rate is ~1500LL. Why should companies abide by black market rates?

Because it is the factual rate

The same companies are abiding by the market rate when they are pricing their products

VincentKeyboard

Member

Re: Lebanese lira to USD exchange

The same companies are abiding by the market rate when they are pricing their products

They shouldn't and that is what got us in this mess. Moreover, the government doesn't care. The only time they intervened to force LL prices where the alfa/touch recharge cards because they constitute part of the government's revenue. We've been reduced to sheep for the politicians on Mount Olympus.

AVOlio

Member

Re: Lebanese lira to USD exchange

I really hope that the Peg officially lifts off by the central Bank.
Even if it means i lose the value of my money.
But on the other hand, all security forces in the country that are being paid in LBP are going to outrage and just stop their jobs.
Which will be a step forward for the revolt.

potato

Member

Re: Lebanese lira to USD exchange

Well I think they shouldn't be paid in USD in the first place. FYI the US embassy employees are paid in LBP.  Unless it's an international company that's transfering money to the country, I don't think it makes any sense to pay in USD.

Just my 2 cents...

Well aub and aubmc are being payed in USD...
Ill try to explain why its not the same with all companies and you shouldve known that since u already worked with telecom companies before.

All of the quipments of these companies are brought abroad and shipped to lebanon using $ currency and all of the contracts of these companies with international companies like ericsson/Nokia/huawei etc.. are written with $ currency. Now that being said. $ was easier for these companies to earn from customers  now that banks made it harder to get $ all of these companies had to rely on lbp since they need money at the end of the day. When u cut $ that means u cut upgrades, support, equipments, and most important thing u made these companies to stop being productive and eventually that means we are back to square one that means bad coverage, bad support for the customers. Yup bad ending in my view.

Same thing can be said for cars. U cant just go and buy a new car in lbp since its being brought in $ currency...

But the thing is, I was getting paid in USD because it's an international company. Ogero, shopandship, touch and alfa nor not international companies.

You're mixing up things. Importing should be in USD but paying the employee doesn't have to. Every country import and export, but Lebanon is one of the very few cases were people have options.

In UAE, most of the contracts or job offers are in AED; doesn't matter which company and where. Now paying to import stuff should be arranged by the banks or BDL but the circulating currency in the country should be LBP.

I don't know if I made my point.

Yup you made your point just one thing these are private companies where the employee sign a contract with an international company not with the government. Shopandship/aramex international company. Touch contract with zain. Alfa with orascom. Ogero with im not sure which one but thats it. The company is local however the employee sign with x international company that gets u payed in $ currency.

Kareem

Member

Re: Lebanese lira to USD exchange

Well aub and aubmc are being payed in USD...
Ill try to explain why its not the same with all companies and you shouldve known that since u already worked with telecom companies before.

All of the quipments of these companies are brought abroad and shipped to lebanon using $ currency and all of the contracts of these companies with international companies like ericsson/Nokia/huawei etc.. are written with $ currency. Now that being said. $ was easier for these companies to earn from customers  now that banks made it harder to get $ all of these companies had to rely on lbp since they need money at the end of the day. When u cut $ that means u cut upgrades, support, equipments, and most important thing u made these companies to stop being productive and eventually that means we are back to square one that means bad coverage, bad support for the customers. Yup bad ending in my view.

Same thing can be said for cars. U cant just go and buy a new car in lbp since its being brought in $ currency...

But the thing is, I was getting paid in USD because it's an international company. Ogero, shopandship, touch and alfa nor not international companies.

You're mixing up things. Importing should be in USD but paying the employee doesn't have to. Every country import and export, but Lebanon is one of the very few cases were people have options.

In UAE, most of the contracts or job offers are in AED; doesn't matter which company and where. Now paying to import stuff should be arranged by the banks or BDL but the circulating currency in the country should be LBP.

I don't know if I made my point.

Yup you made your point just one thing these are private companies where the employee sign a contract with an international company not with the government. Shopandship/aramex international company. Touch contract with zain. Alfa with orascom. Ogero with im not sure which one but thats it. The company is local however the employee sign with x international company that gets u payed in $ currency.

Yes but as far as I know, Orascom and Zain are managing companies. They can't decide anything financially without the approval of the ministry of telecom.

They were complaining that Choukair wasn't approving the annual bonus and promotions. So technically speaking, it's the government money and it's one of the reasons why the government isn't accepting the privatization of the telecom sector.

But in my opinion, every onshore company, international or not since it's anyway registered in Lebanon, should be paying employees in LBP.  The circulating currency should be LBP just like any decent country.

If you want to import, you have a business account, your bank or BDL can help you exchange at the official rate and that's it.

In Europe mainly, I can't pay in USD. They will simply ask you to exchange it and come back.

Think of it. Why would need the dollar in Lebanon? travel ? OK I can travel if I have a credit card what else ?

kareem_nasser

Member

Re: Lebanese lira to USD exchange

There is a mix up here. Shop and Ship is a service provided by Aramex, which is a private company like DHL. Meanwhile Touch and Alfa are state owned but managed by private companies. Ogero on the other hand is a fully state owned institution.

You can actually know this about the mobile operators and Ogero since all of their pricings and plans are approved by the government, though (i think) mobile operators have a bit more flexibility.

Back to topic: What is the exchange rate today? Heard it is going below 2000 LL earlier this month.

Last edited by kareem_nasser (December 6 2019)

Dan28

Member

Re: Lebanese lira to USD exchange

What is the exchange rate today? Heard it is going below 2000 LL earlier this month.

1850 L.L http://lebaneselira.org/

VincentKeyboard

Member

Re: Lebanese lira to USD exchange

Significant shortages in LBP and USD cash has led to an artificial appreciation of the Lira on the Dollar. New Lira notes arriving from Brazil on Dec 20,2019.

I haven't seen a country hate its own currency like this before. How about just make 1 USD = 1 million Lebanese Lira by January?

Last edited by VincentKeyboard (December 6 2019)

Kareem

Member

Re: Lebanese lira to USD exchange

Significant shortages in LBP and USD cash has led to an artificial appreciation of the Lira on the Dollar. New Lira notes arriving from Brazil on Dec 20,2019.

I haven't seen a country hate its own currency like this before. How about just make 1 USD = 1 million Lebanese Lira by January?

It's not that we hate our own currency. In fact it's quite the opposite... We don't trust the system, we don't trust the politicians and we the level of corruption in this country has hit a new record. We're living in doubts and fear.

sero

Member

Re: Lebanese lira to USD exchange

What is the exchange rate today? Heard it is going below 2000 LL earlier this month.

1850 L.L http://lebaneselira.org/

1900 at 9:30
1850 at 10
1925 at 1pm

LBP is becoming as volatile as bitcoin :lol: :mad:

kareem_nasser

Member

Re: Lebanese lira to USD exchange

Significant shortages in LBP and USD cash has led to an artificial appreciation of the Lira on the Dollar. New Lira notes arriving from Brazil on Dec 20,2019.

I haven't seen a country hate its own currency like this before. How about just make 1 USD = 1 million Lebanese Lira by January?

It's not that we hate our own currency. In fact it's quite the opposite... We don't trust the system, we don't trust the politicians and we the level of corruption in this country has hit a new record. We're living in doubts and fear.

To a certain extent Vincent is right, we understand the need for dollar but why do rents get paid in dollar even contractually? Tell me, is there something those landlords import?

NuclearVision

Member

Re: Lebanese lira to USD exchange

What is the exchange rate today? Heard it is going below 2000 LL earlier this month.

1850 L.L http://lebaneselira.org/

1900 at 9:30
1850 at 10
1925 at 1pm

LBP is becoming as volatile as bitcoin :lol: :mad:

Keep in mind that god knows where these rates are from, this is not real time stock exchange, more like a bunch of people who exchange and report.

kareem_nasser

Member

Re: Lebanese lira to USD exchange

1850 L.L http://lebaneselira.org/

1900 at 9:30
1850 at 10
1925 at 1pm

LBP is becoming as volatile as bitcoin :lol: :mad:

Keep in mind that god knows where these rates are from, this is not real time stock exchange, more like a bunch of people who exchange and report.

Supposedly by going to currency exchange stores and asking.

VincentKeyboard

Member

Re: Lebanese lira to USD exchange

I haven't seen a country hate its own currency like this before. How about just make 1 USD = 1 million Lebanese Lira by January?

It's not that we hate our own currency. In fact it's quite the opposite... We don't trust the system, we don't trust the politicians and we the level of corruption in this country has hit a new record. We're living in doubts and fear.

To a certain extent Vincent is right, we understand the need for dollar but why do rents get paid in dollar even contractually? Tell me, is there something those landlords import?

I use US dollars too. I just bought computer replacement parts for a 100 USD bill which the sales person smiled over. But really, some stuff should not depend on the dollar value. Items made from primary resources forged locally should not be affected. What do we gain from doubling the price of everything and doubling the dollar value? Nothing but inflation as Nuclearcat pointed out earlier in this thread.

Kareem

Member

Re: Lebanese lira to USD exchange

It's not that we hate our own currency. In fact it's quite the opposite... We don't trust the system, we don't trust the politicians and we the level of corruption in this country has hit a new record. We're living in doubts and fear.

To a certain extent Vincent is right, we understand the need for dollar but why do rents get paid in dollar even contractually? Tell me, is there something those landlords import?

I use US dollars too. I just bought computer replacement parts for a 100 USD bill which the sales person smiled over. But really, some stuff should not depend on the dollar value. Items made from primary resources forged locally should not be affected. What do we gain from doubling the price of everything and doubling the dollar value? Nothing but inflation as Nuclearcat pointed out earlier in this thread.

As I said earlier, the circulating currency should be LBP only. Regarding the price increase, we don't have primary resources. Literally everything is imported. Steel, wood, wheat, plastic, fuel, oil, gas, pesticides, rice, sugar... you want me to continue ? the list is endless.

We f**ing import electricity what else can you imagine ?

Last edited by Kareem (December 6 2019)

kareem_nasser

Member

Re: Lebanese lira to USD exchange

To a certain extent Vincent is right, we understand the need for dollar but why do rents get paid in dollar even contractually? Tell me, is there something those landlords import?

I use US dollars too. I just bought computer replacement parts for a 100 USD bill which the sales person smiled over. But really, some stuff should not depend on the dollar value. Items made from primary resources forged locally should not be affected. What do we gain from doubling the price of everything and doubling the dollar value? Nothing but inflation as Nuclearcat pointed out earlier in this thread.

As I said earlier, the circulating currency should be LBP only. Regarding the price increase, we don't have primary resources. Literally everything is imported. Steel, wood, wheat, plastic, fuel, oil, gas, pesticides, rice, sugar... you want me to continue ? the list is endless.

We f**ing import electricity what else can you imagine ?

Being as greedy as we are (by purposely converting currency to gain some LL for example), no one of those businessmen, capitalists, politicians... whatever, wants to cut his or her personal gain. :)

We had good amount of time since 1990 to build a more sustainable economy but nope. Faster gains and profits is better.

Last edited by kareem_nasser (December 6 2019)

sero

Member

Re: Lebanese lira to USD exchange

I use US dollars too. I just bought computer replacement parts for a 100 USD bill which the sales person smiled over. But really, some stuff should not depend on the dollar value. Items made from primary resources forged locally should not be affected. What do we gain from doubling the price of everything and doubling the dollar value? Nothing but inflation as Nuclearcat pointed out earlier in this thread.

As I said earlier, the circulating currency should be LBP only. Regarding the price increase, we don't have primary resources. Literally everything is imported. Steel, wood, wheat, plastic, fuel, oil, gas, pesticides, rice, sugar... you want me to continue ? the list is endless.

We f**ing import electricity what else can you imagine ?

Being as greedy as we are (by purposely converting currency to gain some LL for example), no one of those businessmen, capitalists, politicians... whatever, wants to cut his or her personal gain. :)

We had good amount of time since 1990 to build a more sustainable economy but nope. Faster gains and profits is better.

Are you saying that people who are converting USD to LBP at 2,000 on black market are greedy?
The black market IS the real market (supply and demand) price of LBP, and not the 1500 fixed Bank price.

VincentKeyboard

Member

Re: Lebanese lira to USD exchange

Are you saying that people who are converting USD to LBP at 2,000 on black market are greedy?
The black market IS the real market (supply and demand) price of LBP, and not the 1500 fixed Bank price.

First of all, 1500 is the official price. Is that not how centralized currency works? Market price for currency is applicable in decentralized currencies such as bitcoins.
Second of all, I wouldn't say greedy. People are looking after themselves and you cannot blame them for that. Salaries in USD are half what they used to be three years ago and prices are higher. This needs to be fixed by the government so people don't need the extra 500LL. This is the government's fault.
I knew someone who worked in support for an IT company earning 1000 USD a month handling over a quarter of the accounts. They didn't renew his contract and hired someone to do the same task fro 600 USD.

Last edited by VincentKeyboard (December 6 2019)

nuclearcat

Member

Re: Lebanese lira to USD exchange

Being as greedy as we are (by purposely converting currency to gain some LL for example), no one of those businessmen, capitalists, politicians... whatever, wants to cut his or her personal gain. :)

We had good amount of time since 1990 to build a more sustainable economy but nope. Faster gains and profits is better.

https://en.wikipedia.org/wiki/Tragedy_of_the_commons

potato

Member

Re: Lebanese lira to USD exchange

Yes but as far as I know, Orascom and Zain are managing companies. They can't decide anything financially without the approval of the ministry of telecom.

They were complaining that Choukair wasn't approving the annual bonus and promotions. So technically speaking, it's the government money and it's one of the reasons why the government isn't accepting the privatization of the telecom sector.

But in my opinion, every onshore company, international or not since it's anyway registered in Lebanon, should be paying employees in LBP.  The circulating currency should be LBP just like any decent country.

If you want to import, you have a business account, your bank or BDL can help you exchange at the official rate and that's it.

In Europe mainly, I can't pay in USD. They will simply ask you to exchange it and come back.

Think of it. Why would need the dollar in Lebanon? travel ? OK I can travel if I have a credit card what else ?

The economy needs to be changed and there must be plan on how not make it worse. $ or LBP we all want to live a decent life and make it a good life for our children. However, we are discussing on small amounts the salaries of the employees that will be in max amount of 3 or 4 million dollars in total per year, the country is bankrupt in billions where did that amount comes from ? who let this happen ? my point is none of what we are talking is the problem or an issue. The telecom sector is in the top 5 where the government rely on to receive dollars and lbp. The system needs a format from the top to the bottom. We need people in leadership that can be trusted and one army only!

rolf

Member

Re: Lebanese lira to USD exchange

Hey people, I am selling a BMW M5, new, never used.
The price is 150 000 Lebanese Lira.
But I do not have it now. I will tell you when I have th car, maybe tomorrow, maybe next year, maybe in 50 years or more.
But anyway the price is 150 000 LBP non-negotiable.

user

Member

Re: Lebanese lira to USD exchange

Lebanese people forgot the basics of economics, that money is a means to an end, not the end itself. Money is supposed to facilitate you working and trading your labor for someone else's labor.

Somehow in Lebanon we built a system where we have close to a million government employees and army personnel most of whom do not work, they sit in their governmental buildings collecting paychecks, our army is larger than the German army, the rest of the employees could have been replaced by a software. Anyway, millions get paid for nothing, then you have people with money in the banks, collecting interest, thinking it is their right to collect money for free. And we ended up with a country that does not work and imports everything.

Point is, the lira is useless because we do not produce anything locally. Not because we are not patriotic, the US dollar is not stronger because Americans are more patriotic, it's not a feeling. What we need now is to produce, people with farm lands need to try and grow food the most efficient way possible, people with skills need to find something to do. Work for free, it does not matter, what matters is to start something. But we also need to remove this corrupt government otherwise they will send the police on you for working without a license! along with extortion and bribery...

Last edited by user (December 6 2019)

TheIlluminative

Member

Re: Lebanese lira to USD exchange

IBL decreased their daily withdraws from international ATMs to $150/day. What a joke!

Last edited by TheIlluminative (December 6 2019)