LebGeeks

vengeance666

Member

Re: Lebanese lira to USD exchange

That's normal, a friend of mine was in Spain last year. He paid 400.000 LBP for 100 euros at a local exchange. LBP is not a wanted currency abroad and the demand is practically non existant. That doesn't mean something gonna happen and the official rates are gonna jump 20 times forward.

nuclearcat

Member

Re: Lebanese lira to USD exchange

Just saw this in Turkey

https://pbs.twimg.com/ext_tw_video_thum … name=small

5k

I think that we earned our right for an official to come up in public and say it to our faces: The USD is not worth 1500LL anymore. I cannot tolerate the volatility in the prices anymore. I am afraid to pay for anything right now since I am not sure how much his/her USD is worth. Even a Syrian electrician yesterday did ask me to get paid for his work in USD so he can send it to his family abroad.
Not knowing the price to expect feels worse that an actual announcement that 1USD = 10,000LL.

Iran living in such hanged state for years, as some other countries, it is matter of adapting.
All who does local things(service jobs) should accept LL or go away, doesnt matter where they send this money. There is lot of electricians who does job.
I'm foreigner, but i never open subject to be paid in USD, because it will be unfair and insult to my Lebanese comrades.

rolf

Member

Re: Lebanese lira to USD exchange

That's normal, a friend of mine was in Spain last year. He paid 400.000 LBP for 100 euros at a local exchange.

It is a miracle that he was able to exchange LBP at all. I lived in Europe for years and learned very quickly to forget about LBP.

In Turkey and other closer countries (Jordan? Syria?) the situation is probably better.

VincentKeyboard

Member

Re: Lebanese lira to USD exchange

If you tell people in the US that 1 dollar can buy 1500 of your currency, they will laugh at you. It has happened to me before. I had friends in Bedford, Ma.
Admittedly, they don't understand that the purchasing capability of the LL is crap but that's another issue.

Now imagine if the LL is worth even less that 1500, like the current 2000LL or even 3000LL per dollar. No one will want a LL outside the country. You'll be lucky if you can get a single dollar for 100,000LL.

The correct way to fix this is to find a way to fix the economy to increase the value of the LL to under 1000LL per dollar.
Not going to happen with the mount Olympus politicians we have though.

Kareem

Member

Re: Lebanese lira to USD exchange

Actually I was just thinking of something. This exchange office name is Global exchange Istanbul....

So If I actually have dollar, can I buy LBP ?  Ironically it's possible.

25,000 TRY is the maximum allowed per transaction. Now 25k TRY is roughly 4300 USD; rate is 2700+

Quite interesting to be honest.

rolf

Member

Re: Lebanese lira to USD exchange

Yes interesting but dude, it's the airport! Worst ripoff you can find.

Kareem

Member

Re: Lebanese lira to USD exchange

Yes interesting but dude, it's the airport! Worst ripoff you can find.

Yes but if I'm getting 2,000,000LL per $1000 USD in Lebanon, I can get 2,700,000 LL per $1000 USD there.

rolf

Member

Re: Lebanese lira to USD exchange

Yes interesting but dude, it's the airport! Worst ripoff you can find.

Yes but if I'm getting 2,000,000LL per $1000 USD in Lebanon, I can get 2,700,000 LL per $1000 USD there.

What?? I see, sorry it did not register property at first.

sero

Member

Re: Lebanese lira to USD exchange

https://pbs.twimg.com/ext_tw_video_thum … name=small

Actually I was just thinking of something. This exchange office name is Global exchange Istanbul....

So If I actually have dollar, can I buy LBP ?  Ironically it's possible.

https://i.gyazo.com/619eab577408f3b0708 … b230df.png

25,000 TRY is the maximum allowed per transaction. Now 25k TRY is roughly 4300 USD; rate is 2700+

Quite interesting to be honest.

That's epic!
But the question is, do they have good amounts of LBP?

Kareem

Member

Re: Lebanese lira to USD exchange

https://pbs.twimg.com/ext_tw_video_thum … name=small

Actually I was just thinking of something. This exchange office name is Global exchange Istanbul....

So If I actually have dollar, can I buy LBP ?  Ironically it's possible.

https://i.gyazo.com/619eab577408f3b0708 … b230df.png

25,000 TRY is the maximum allowed per transaction. Now 25k TRY is roughly 4300 USD; rate is 2700+

Quite interesting to be honest.

That's epic!
But the question is, do they have good amounts of LBP?

The interesting part is that you can request the amount on their website so they can arrange it for you. Now I don't know how legal this is but I don't see any criminal activity.

TigerFox

Member

Re: Lebanese lira to USD exchange

Can someone explain how does that even work ? Why is the LBP in Turkey exchanged at 1$ = 2,700 when even in Lebanon its not that much

kareem_nasser

Member

Re: Lebanese lira to USD exchange

Can someone explain how does that even work ? Why is the LBP in Turkey exchanged at 1$ = 2,700 when even in Lebanon its not that much

What is the value of our currency outside Lebanon? What could they actually buy with it? Nothing. :) So basically they are just providing you with the actual exchange as simple revenue via conversion. Meaning the Lebanese currency will remain at the exchange with a low possibility of actually selling it to anyone, and if they did, well they already bought it at a high price for USD.

To anyone outside Lebanon, the Lebanese lira is basically worthless. They would even sell you 1 USD for 5000LL.

TigerFox

Member

Re: Lebanese lira to USD exchange

Can someone explain how does that even work ? Why is the LBP in Turkey exchanged at 1$ = 2,700 when even in Lebanon its not that much

What is the value of our currency outside Lebanon? What could they actually buy with it? Nothing. :) So basically they are just providing you with the actual exchange as simple revenue via conversion. Meaning the Lebanese currency will remain at the exchange with a low possibility of actually selling it to anyone, and if they did, well they already bought it at a high price for USD.

To anyone outside Lebanon, the Lebanese lira is basically worthless. They would even sell you 1 USD for 5000LL.

That's what I thought at the beginning , but like , is that legal ? Does one not get caught bringing back all that money to Lebanon ?

kareem_nasser

Member

Re: Lebanese lira to USD exchange

Can someone explain how does that even work ? Why is the LBP in Turkey exchanged at 1$ = 2,700 when even in Lebanon its not that much

What is the value of our currency outside Lebanon? What could they actually buy with it? Nothing. :) So basically they are just providing you with the actual exchange as simple revenue via conversion. Meaning the Lebanese currency will remain at the exchange with a low possibility of actually selling it to anyone, and if they did, well they already bought it at a high price for USD.

To anyone outside Lebanon, the Lebanese lira is basically worthless. They would even sell you 1 USD for 5000LL.

That's what I thought at the beginning , but like , is that legal ? Does one not get caught bringing back all that money to Lebanon ?

Which part is exactly illegal?

TigerFox

Member

Re: Lebanese lira to USD exchange

What is the value of our currency outside Lebanon? What could they actually buy with it? Nothing. :) So basically they are just providing you with the actual exchange as simple revenue via conversion. Meaning the Lebanese currency will remain at the exchange with a low possibility of actually selling it to anyone, and if they did, well they already bought it at a high price for USD.

To anyone outside Lebanon, the Lebanese lira is basically worthless. They would even sell you 1 USD for 5000LL.

That's what I thought at the beginning , but like , is that legal ? Does one not get caught bringing back all that money to Lebanon ?

Which part is exactly illegal?

Not implying it being illegal , was just asking if it is legal or not

Kareem

Member

Re: Lebanese lira to USD exchange

Can someone explain how does that even work ? Why is the LBP in Turkey exchanged at 1$ = 2,700 when even in Lebanon its not that much

What is the value of our currency outside Lebanon? What could they actually buy with it? Nothing. :) So basically they are just providing you with the actual exchange as simple revenue via conversion. Meaning the Lebanese currency will remain at the exchange with a low possibility of actually selling it to anyone, and if they did, well they already bought it at a high price for USD.

To anyone outside Lebanon, the Lebanese lira is basically worthless. They would even sell you 1 USD for 5000LL.

I am certainly very interested in buying LBP at rates above 2100 LL. Think about it.... If  I go with $4000 USD and come back with 20,000,000 LL I'll be able to either exchange it back to USD or pay loans in LBP such as housing loan.

Adnan

Member

Re: Lebanese lira to USD exchange

In most countries there is a limit on the amount of cash you can carry with you at the airport.

Source: watching border control documentaries

potato

Member

Re: Lebanese lira to USD exchange

Guys do you think the rating will reach 2200 again ? Since a new government is being baked around the corner.

kareem_nasser

Member

Re: Lebanese lira to USD exchange

@Kareem then there must be something the government reinforces that we are ignorant about. Including what adnan mentioned and Tiger questioning its legitimacy. So basically how will you carry those money in cash passing by two airports?

rolf

Member

Re: Lebanese lira to USD exchange

1k in your wallet, 1k in your cabin bag, 1k in your laptop bag, 1k in your suitcase.
Camouflage it among booklets, postcards, leaflets (for the X-ray checks)
You could probably get away with more then that.

Johnaudi

Member

Re: Lebanese lira to USD exchange

I'd just pay someone's ticket and some extra to just come with me and carry an extra 10k, as its profit is much higher.

NuclearVision

Member

Re: Lebanese lira to USD exchange

Guys.. Theoretically, they shouldn't have much LBP since, well you saw the rate. Don't overthink this, there's nothing such as free money, people are not stupid  they won't buy Lbp for high and sell it to you for low.

Johnaudi

Member

Re: Lebanese lira to USD exchange

Guys.. Theoretically, they shouldn't have much LBP since, well you saw the rate. Don't overthink this, there's nothing such as free money, people are not stupid  they won't buy Lbp for high and sell it to you for low.

It's not about the people's stupidity, it's just different demand and supply in different markets.
Even in Lebanon you can find two completely separate rates, buying in one whilst selling in the other will make you profit. What you're doing is making profit off the spread and market price difference among exchanges.
Eventually, if everyone does this, the market will regulate by itself.

NuclearVision

Member

Re: Lebanese lira to USD exchange

exactly... Demand and supply, what's the supply of lbp for lbp-> usd at 5000LL. Pretty null in my opinion.

rolf

Member

Re: Lebanese lira to USD exchange

I just want to confirm the accuracy of rates on businessnews.com.lb (it is starting to look like exchanges are following this rate). I bought $1000 today. So it seems that the dollar crunch has eased. 2-3 weeks ago they did not even have that amount.

My interpretation, if anyone in interested: I guess many panicked and bought too many dollars a few weeks ago. now they are trying to sell them again to cover their expenses. Also many people are arriving for Christmas so this increases the supply of foreign currencies and increases the demand for LL.

Possibly, at the beginning of next year, the rate will slowly increase again. But IMO the market is more stable now and should not shoot up again.

Last edited by rolf (December 13 2019)