LebGeeks

VincentKeyboard

Member

Re: Lebanese lira to USD exchange

https://t.me/LebaneseLira/474 Can someone explain the "October 18, 2020" bit? What happens after that date?

nosense

Member

Re: Lebanese lira to USD exchange

https://t.me/LebaneseLira/474 Can someone explain the "October 18, 2020" bit? What happens after that date?

I think they mean October 18, 2019 not 2020

VincentKeyboard

Member

Re: Lebanese lira to USD exchange

Ah. Thank you.

infiniteloop

Member

Re: Lebanese lira to USD exchange

$ crisis began 2 weeks prior to 17 October, in reality when Jammal Trust bank crushed in September 2019, people panicked and converted their lbp to $, it made what is called domino effect on $ availability

Salloum

Member

Re: Lebanese lira to USD exchange

$ crisis began 2 weeks prior to 17 October, in reality when Jammal Trust bank crushed in September 2019, people panicked and converted their lbp to $, it made what is called domino effect on $ availability

In reality the issue began much prior to these dates. I used to work at a bank and approvals for large forex LBP to USD operations were required as early as end 2018. By mid 2019, most large corporate clients were only allowed a few thousand dollars a week of forex. Everything came to light publicly after the 'thawra' began.

duke-of-bytes

Member

Re: Lebanese lira to USD exchange

$ crisis began 2 weeks prior to 17 October, in reality when Jammal Trust bank crushed in September 2019, people panicked and converted their lbp to $, it made what is called domino effect on $ availability

this is what the sulta sheep wants you to believe - the monetary system and the peg is rotten from the start
the central bank is taking dollar loans from local banks ( expat and our money ) for a very high rates to maintain the peg aka هندسة مالية and the local banks were so happy as their interest was astronomical ( over 15% ) so they gambled with our money knowing that the central bank has no way to pay them back

this is the only truth - our money is not coming back , the lira will not gain it's previous position in front of the dollar - the old good days are gone for good

Victor

Member

Re: Lebanese lira to USD exchange

Any idea which Western Union branches are giving out USD for incoming transfers? As I heard that many branches say they don’t have any USD left, and try to give lira at a rate >6000 instead.

infiniteloop

Member

Re: Lebanese lira to USD exchange

$ crisis began 2 weeks prior to 17 October, in reality when Jammal Trust bank crushed in September 2019, people panicked and converted their lbp to $, it made what is called domino effect on $ availability

this is what the sulta sheep wants you to believe - the monetary system and the peg is rotten from the start
the central bank is taking dollar loans from local banks ( expat and our money ) for a very high rates to maintain the peg aka هندسة مالية and the local banks were so happy as their interest was astronomical ( over 15% ) so they gambled with our money knowing that the central bank has no way to pay them back

this is the only truth - our money is not coming back , the lira will not gain it's previous position in front of the dollar - the old good days are gone for good

Of course the politicians are responsible since the end of the war and even during the war, but what I was saying is that the Jammal bank was the drop that breaks the camel's back and not the revolution

infiniteloop

Member

Re: Lebanese lira to USD exchange

Last time I exchanged LL to $ it was like 6 months ago, now if I want to convert LL to $ at daily rate of black market (now 7500) , where should I go? OMT? exchange office?
it's about 1000$

rolf

Member

Re: Lebanese lira to USD exchange

You can ask at service stations and fern mne2ish.

xazbrat

Member

Re: Lebanese lira to USD exchange

Last time I exchanged LL to $ it was like 6 months ago, now if I want to convert LL to $ at daily rate of black market (now 7500) , where should I go? OMT? exchange office?
it's about 1000$

Hard to say---I usually only get the black market rate when I buy something and get the change back in LL.  I actually sell to a few merchants in the area that offer me between 4500 and 5000.  OMT will usually offer near the official rate of 3900ish as will reputable exchange houses.  You could try jewelers---they tend to buy people's jewelry and need actual dollars to do that now and wouldn't mind getting rid of LL's.

Anyhow, good luck.

Tech Guru

Member

Re: Lebanese lira to USD exchange

Last time I exchanged LL to $ it was like 6 months ago, now if I want to convert LL to $ at daily rate of black market (now 7500) , where should I go? OMT? exchange office?
it's about 1000$

Whatsapp Groups  (Buy/Sell)
Black Market " Unofficial Traders"

I utilize both ways and I never go Banks , OMT or licensed exchange officers.

Salloum

Member

Re: Lebanese lira to USD exchange

Last time I exchanged LL to $ it was like 6 months ago, now if I want to convert LL to $ at daily rate of black market (now 7500) , where should I go? OMT? exchange office?
it's about 1000$

Almost impossible to find dollars these days. The market is incredibly dry.

wollyka

Member

Re: Lebanese lira to USD exchange

Last time I exchanged LL to $ it was like 6 months ago, now if I want to convert LL to $ at daily rate of black market (now 7500) , where should I go? OMT? exchange office?
it's about 1000$

Almost impossible to find dollars these days. The market is incredibly dry.

You are not looking hard. Go to Dahieh or some whatsapp groups. A Lot of sellers and buyers

Last edited by wollyka (August 27 2020)

xazbrat

Member

Re: Lebanese lira to USD exchange

A family member found a random place in Hamra and got 7600 today---didn't really have to try.  I think the going rate is 7800ish right now.

infiniteloop

Member

Re: Lebanese lira to USD exchange

oh

Last edited by infiniteloop (September 2 2020)

Tech Guru

Member

Re: Lebanese lira to USD exchange

Is WU delivering transfers in USD ? Any One received an abroad transfer a couples of days ago and received his/her money in USD ? There is an issue where they are telling people that they don't have USD and people receoving their money in LBP × Black Market Rate (currently at 7300). I need some validation.

Thank You

xazbrat

Member

Re: Lebanese lira to USD exchange

Is WU delivering transfers in USD ? Any One received an abroad transfer a couples of days ago and received his/her money in USD ? There is an issue where they are telling people that they don't have USD and people receoving their money in LBP × Black Market Rate (currently at 7300). I need some validation.

Thank You

Yes and yes---I was at WU a few days ago and was there was someone who received a wire transfer for $500 (490 actually)---the guy at WU said he only had enough actual $$'s for $300 and the rest was paid in LL (7200) that day.  I think you are going to need some luck on where you choose to receive the transfer and even more luck if you know the person at OMT as there is still a shortage of $$'s.

Edit:  If you still want actual $$ bills, still best to go through a 'fresh' dollar bank account.  While they changed the rules, supply and demand trumps the dollar rule they tried to implement.

Last edited by xazbrat (September 6 2020)

user

Member

Re: Lebanese lira to USD exchange

Appearances can be deceiving, the exchanges are taking a risk selling usd for 1600 and 1700 lbp, I wouldn't do it. 1700 lbp for usd seems cheap to me given that we have a country that is the most indebted in the world, does not produce anything, NEEDS imports constantly for food energy and medicine. That is a financial death sentence right there. Our credit rating was downgraded again yesterday.

All of you, get all the USD bills you can, stash it at home. Whether or not you have money in the bank could become meaningless if things keep getting worse(and it seems they will) People who have farm lands maybe buy some plastic tents for farming and a system to collect rain water, it might become useful. Things are going to shit very fast, very very fast.

also this https://www.facebook.com/story.php?stor … o&d=n&vh=i

^ This guy is a visionary.

For the coming period do whatever you can to get rid of the lira. Canned food, medicine, even stuff you don't need but last long you can sell it later and it would be better than keeping the lira. When the central bank stops supporting the basics with its dollars while still printing lira to pay the public sector employees, the lira will become toilet paper.

I recommend reading "Principles for Navigating Big Debt Crises" by Ray Dalio [spoiler alert, he recommends shorting the currency, points out that the Germans were trading rocks when the mark hyperinflated and preferred that over their currency]

Buying dollars is not the only alternative you can do, there are things that are even better. Medicine with a long expiry date is better than buying dollars as it is more cost effective(ba3do mad3oum) makaroni lasts long, toilet paper. Hoard stuff, don't keep your lira paycheque. If what they are saying is true and the central bank will run out of reserves in 2 months things will get worse dramatically(and if they are saying 2 months that means it is at best 1 month)

I would also talk to my neighbors about local neighborhood watches and security. Plan around fuel becoming very expensive, maybe setup your summer home in the village for winter. It might be safer to stay there than in the city.

Tech Guru

Member

Re: Lebanese lira to USD exchange

Limits of LBP Withdrawal may be applied soon. Limit of 2 million LBP per Month !

rcm005

Member

Re: Lebanese lira to USD exchange

Limits of LBP Withdrawal may be applied soon. Limit of 2 million LBP per Month !

https://i.ibb.co/x3GdCcq/IMG-20201014-WA0050.jpg

why would they do that? is there a positive side to it?

xazbrat

Member

Re: Lebanese lira to USD exchange

Limits of LBP Withdrawal may be applied soon. Limit of 2 million LBP per Month !

https://i.ibb.co/x3GdCcq/IMG-20201014-WA0050.jpg

Can still use credit cards to go over that--it seems that they are running out of currency and can't replace it quickly enough.  Of course, if people use debit/credit cards it will make it more expensive for the merchants as they will be forced to accept exorbitant fees for being able to accept the cards, unless the central bank steps in and unifies and lowers the rates.

VincentKeyboard

Member

Re: Lebanese lira to USD exchange

How will people pay the wages of their employees if there are limits of LBP withdrawals?

AVOlio

Member

Re: Lebanese lira to USD exchange

Limits of LBP Withdrawal may be applied soon. Limit of 2 million LBP per Month !

https://i.ibb.co/x3GdCcq/IMG-20201014-WA0050.jpg

Can still use credit cards to go over that--it seems that they are running out of currency and can't replace it quickly enough.  Of course, if people use debit/credit cards it will make it more expensive for the merchants as they will be forced to accept exorbitant fees for being able to accept the cards, unless the central bank steps in and unifies and lowers the rates.

This should happen here in Lebanon.
Cash should cease to exist and cards should be encouraged by the government and central bank to each and every shop starting from the neighborhood dekkene!

This is how I believe is the status in Venezuela because of their hyperinflation where carrying huge amounts of money is hectic as they are still low in value.

nuclearcat

Member

Re: Lebanese lira to USD exchange

I feel if banks keep acting like they are now, total lawlessness, people just will start making valuable transactions using outside banks.
E.g. card2card payments, both buyer and seller banks are abroad.