LebGeeks

xerxes

Member

Re: Lebanese lira to USD exchange

A question for you guys, I was offered a to buy a 3500 usd cheque for 6mil lbp, would you go for it?
Edit: the circumstances of this offer are not simple, so i didn't stumble upon a guy that offered me this, it is much more complicated, I just want your opinion about the deal.

I recommend you to take it at 1,650 per dollar.

I would

Last edited by xerxes (April 2 2020)

rolf

Member

Re: Lebanese lira to USD exchange

I don't think that banks are even giving out dollars.
So my advice is only accept this until you have a good idea of what to do with this cheque, in other words how to liquidate it.
So take your time unless you feel like gambling.

sero

Member

Re: Lebanese lira to USD exchange

Only accept this offer if you have non-cash USD payments to make
Otherwise you will only be able to withdraw the 3,500$ in LBP at 1515

nefe_lpmk

Member

Re: Lebanese lira to USD exchange

You can sell the cash at ~60% value in cash USD (previously it was 70%).

TheIlluminative

Member

Re: Lebanese lira to USD exchange

If i knew what the worst case scenario it would be easier.
I mean would they take all our money? or would they give us 1$=1,500. If its the latter i'm willing to take the risk.

banks would love to give you $1 = 1500. it is better to go and ask a bank yourself.
best case selling for 70% of its value on 2700 .  profit = 3500 x 2700 x 0.7 - 6 000 000 = 615 000

1 - No one is buying cheques anymore even at 70% value because there's no liquid USD in the market anymore

2- His friend would have done it himself if it was possible

3- The risk outweighs the benefit. 6M LBP investment to win 200k LBP which is less than $100. Not justified

4- Just No.

Actually there are people I know are willing to buy cheques at 34% of its values. For example for $3,500, he will give you $2310 in cash.

$2310 x 2800 (today's rate) = 6,468,000 LBP.

Kareem

Member

Re: Lebanese lira to USD exchange

banks would love to give you $1 = 1500. it is better to go and ask a bank yourself.
best case selling for 70% of its value on 2700 .  profit = 3500 x 2700 x 0.7 - 6 000 000 = 615 000

1 - No one is buying cheques anymore even at 70% value because there's no liquid USD in the market anymore

2- His friend would have done it himself if it was possible

3- The risk outweighs the benefit. 6M LBP investment to win 200k LBP which is less than $100. Not justified

4- Just No.

Actually there are people I know are willing to buy cheques at 34% of its values. For example for $3,500, he will give you $2310 in cash.

$2310 x 2800 (today's rate) = 6,468,000 LBP.

I know people who used to do that but last week they told me they are no longer accepting cheques because no liquidity.

infiniteloop

Member

Re: Lebanese lira to USD exchange

Banks are lying when they say that no $ are coming in to Lebanon because no planes, the thing is that planes for products are still coming thanks God and with them $ for banks but they just use this excuse to help the exchange places raise their prices.
Mafias to mafias

rolf

Member

Re: Lebanese lira to USD exchange

Banks have been using any excuse they can to shut down and hold on to your dollars. Protests, scuffles, corona, no planes... seriously like do they fly their money in boxes on planes... forget it.

NuclearVision

Member

Re: Lebanese lira to USD exchange

It's really saddening to see what our economy has become.

In hindsight, we were really living comfortable lives, and that's coming from a middle class guy at most.
One may argue that it was all fake and in debt, but on the other hand there was theft. I wish they gave up their greed in the past decade, things may have taken a sharp turn.

Tech Guru

Member

Re: Lebanese lira to USD exchange

If you want to grab any pc part drop it now. Else, you will pay more since the inflation rate is steadily increasing. Added to further capital control on USD withdraw after 15-20 days they will start saying @ 3000. The current stock being sold @ 2400- 2500 rate. When it   will be depleted. They will bring @ the black market rate which is ~ 2900 - 3000 now and will most probably higher later on.

Last edited by Tech Guru (April 3 2020)

Adnan

Member

Re: Lebanese lira to USD exchange

I wish I made some purchases before all this happened. Smh

Kareem

Member

Re: Lebanese lira to USD exchange

3400 LL / $  today. Halleluja....

NuclearVision

Member

Re: Lebanese lira to USD exchange

with no plan in the horizon, the worse has yet to come

VincentKeyboard

Member

Re: Lebanese lira to USD exchange

I heard it will be 5500LL before the end of the month and over 30,000LL by the end of July.

NuclearVision

Member

Re: Lebanese lira to USD exchange

not so much really. You're talking about 2000% inflation which is unlikely to happen.
Hell, if you sell 30000 as paper it will get you more than 1$

infiniteloop

Member

Re: Lebanese lira to USD exchange

I heard it will be 5500LL before the end of the month and over 30,000LL by the end of July.

It's the dreams of your sarraf :)
No I doubt it will even reach 3500 before May, people are now converting with the new bdl rates, less and less people will go to sarafin for some time

sero

Member

Re: Lebanese lira to USD exchange

I heard it will be 5500LL before the end of the month and over 30,000LL by the end of July.

so i can pay my housing loan in full for 5k$ end of july…lol

VincentKeyboard

Member

Re: Lebanese lira to USD exchange

I heard it will be 5500LL before the end of the month and over 30,000LL by the end of July.

so i can pay my housing loan in full for 5k$ end of july…lol

And some people's salaries will be Twenty Five Dollars a month.

NuclearVision

Member

Re: Lebanese lira to USD exchange

I heard it will be 5500LL before the end of the month and over 30,000LL by the end of July.

so i can pay my housing loan in full for 5k$ end of july…lol

And some people's salaries will be Twenty Five Dollars a month.

True, but there will be more and more local productions of basic need (paper tissu, detergents etc) just like syria, so our buying power measured in Usd is no longer relevant, unless of course for imported goods.

Kareem

Member

Re: Lebanese lira to USD exchange

I heard it will be 5500LL before the end of the month and over 30,000LL by the end of July.

It's the dreams of your sarraf :)
No I doubt it will even reach 3500 before May, people are now converting with the new bdl rates, less and less people will go to sarafin for some time

I thought i said it's 3400. Apologies its 3500 now - :)

NuclearVision

Member

Re: Lebanese lira to USD exchange

that's pure sorcery!
It's like a game of kids, once it rises it never goes back !

VincentKeyboard

Member

Re: Lebanese lira to USD exchange

Until the BDL rates increase when sarraf offers 4000 or 5500 for your dollar.

My boss's cleaning lady, a foreigner from Sri Lanka, earns 500 USD a month and she sends $200 home. She is a bright lady who also does electrical repairs. She refuses to get paid in LBP because they are worthless.
At this rate, she will one day be earning more than many Lebanese.
Lebanese people will be going abroad to work abroad and send 200 USD to Lebanon, which will be like 2 million LBP by then.

wollyka

Member

Re: Lebanese lira to USD exchange

I heard it will be 5500LL before the end of the month and over 30,000LL by the end of July.

It's the dreams of your sarraf :)
No I doubt it will even reach 3500 before May, people are now converting with the new bdl rates, less and less people will go to sarafin for some time

It is 3,400 now at the black market, so it will be more than 3500 at the end of May!

Kareem

Member

Re: Lebanese lira to USD exchange

Guys  I asked two sarrafin it's already 3500 that's the closing price... moreover :

NuclearVision

Member

Re: Lebanese lira to USD exchange

it seems like every move the bdl does (and i'm not assuming they want to fix things) they make things worse, why don't they just freeze, stop screwing with people.