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I would say this is disastrous. It went up from 1USD = 1509LL up to 1777 and will likely cross the 2000LL. Imagine all the lost money.
I remember after the Lebanese war when it reached 3000LL. Tough times ahead for imported items. Local items such as food won't get affected in pricing though.
Where do you get this number 1777.03? I got the same search on and nowhere does it say 1777.03
It was the black market price, Morningstar fixed it and it's no longer 1777.
VincentKeyboard wrote Local items such as food won't get affected in pricing though.
Not really...
We import a lot of wheat, potato,etc.. from Egypt for example.

Also production needs fuel, which we import in dollars.
Plus people will inflate price to make up for their losses.

I'm no economics expert, I had to ask about the things I mentioned above. Just thought I'd share.

Even people who get paid in USD aren't safe as banks decided to just not give USD to people.
vlatkozelka wrote
VincentKeyboard wrote Local items such as food won't get affected in pricing though.
Not really...
We import a lot of wheat, potato,etc.. from Egypt for example.
This sadly turned out to be true. The butcher where I buy chicken increased the price by 2000LL today as opposed to yesterday.
VincentKeyboard wrote
vlatkozelka wrote
VincentKeyboard wrote Local items such as food won't get affected in pricing though.
Not really...
We import a lot of wheat, potato,etc.. from Egypt for example.
This sadly turned out to be true. The butcher where I buy chicken increased the price by 2000LL today as opposed to yesterday.
I'm assuming he's just bluffing to make some more cash. All of my local shops are still on the same prices. (Including hawa chicken)
yeah chickens are farmed here in Lebanon
what's the deal with banks now ? any idea when they will open again ? and if they will let us withdraw money
nosense wrotewhat's the deal with banks now ? any idea when they will open again ? and if they will let us withdraw money
Last week, I could withdraw Lebanese Liras only using a debit card (Bank Byblos ATM).
Dollars: no
Access to savings account without a card: no

Nobody knows when they will open again and I am afraid the long-term damage to the credibility of banking in Lebanon is done now.

I heard from many sources that they are processing withdrawals on a case-per-case basis so you can try to call them.
@rolf is your account in LBP or USD?

if LBP you can no longer withdraw USD
if USD, can you withdraw both with limit 1k USD per day (at least that's my case).

Banks are trying their best to make USD withdrawals a hassle so that you withdraw LBP instead.
sero wrote@rolf is your account in LBP or USD?

if LBP you can no longer withdraw USD
if USD, can you withdraw both with limit 1k USD per day (at least that's my case).

Banks are trying their best to make USD withdrawals a hassle so that you withdraw LBP instead.
limit is 1k per day and 2k per week
This is a very serious and critical issue. I no longer trust the banking system in this country. I have two accounts one in EUR and one in USD.

- I cannot withdraw USD even from my own account
- I can no longer transfer money internally between accounts ( EUR to USD and vice versa )
- I can no longer make an international wire transfer ( purchasing good remotely even with an invoice)
- I can no longer deposit cheques into my account if the value is above $3000 USD ( it has to be corporate account- BLOM)
- Bank informed me that starting from Nov. 1, there will be an additional fee of 1.5% PER TRANSACTION on my EUR card from my EUR account and 4% on the USD card if POS is abroad.
- Bank lowered my CREDIT card limit to 20% of it's limit.
- My monthly housing loan payment in LBP increased by 13% ( Bank Of Beirut )
Thank you for the info Kareem.

I am afraid it looks like the same old trend of making middle class and poorer people pay for the government deficit.

The points about not being able to deposit checks above $3000 and blocking international transfers are odd.
rolf wroteThank you for the info nuclearcat.

I am afraid it looks like the same old trend of making middle class and poorer people pay for the government deficit.
I'm not aware of any nuclearcat around ^_^
Kareem wrote
rolf wroteThank you for the info nuclearcat.

I am afraid it looks like the same old trend of making middle class and poorer people pay for the government deficit.
I'm not aware of any nuclearcat around ^_^
Thanks I will correct it. Not sure how this happened.
There is a nuclearcat around here but not in this thread.
Kareem wrote This is a very serious and critical issue. I no longer trust the banking system in this country. I have two accounts one in EUR and one in USD.

- I cannot withdraw USD even from my own account
- I can no longer transfer money internally between accounts ( EUR to USD and vice versa )
- I can no longer make an international wire transfer ( purchasing good remotely even with an invoice)
- I can no longer deposit cheques into my account if the value is above $3000 USD ( it has to be corporate account- BLOM)
- Bank informed me that starting from Nov. 1, there will be an additional fee of 1.5% PER TRANSACTION on my EUR card from my EUR account and 4% on the USD card if POS is abroad.
- Bank lowered my CREDIT card limit to 20% of it's limit.
- My monthly housing loan payment in LBP increased by 13% ( Bank Of Beirut )
WTH this is fucked up!
Why did they increase the housing payment by 13%! what kind of loan did you take? isn't it "مدعوم من مصرف لبنان" or iskan one? is it an LBP loan or USD one?
You think this is disastrous and you are on the withdrawing end, what do you think the ones in desperate need of loans are going through right now!
sero wrote
Kareem wrote This is a very serious and critical issue. I no longer trust the banking system in this country. I have two accounts one in EUR and one in USD.

- I cannot withdraw USD even from my own account
- I can no longer transfer money internally between accounts ( EUR to USD and vice versa )
- I can no longer make an international wire transfer ( purchasing good remotely even with an invoice)
- I can no longer deposit cheques into my account if the value is above $3000 USD ( it has to be corporate account- BLOM)
- Bank informed me that starting from Nov. 1, there will be an additional fee of 1.5% PER TRANSACTION on my EUR card from my EUR account and 4% on the USD card if POS is abroad.
- Bank lowered my CREDIT card limit to 20% of it's limit.
- My monthly housing loan payment in LBP increased by 13% ( Bank Of Beirut )
WTH this is fucked up!
Why did they increase the housing payment by 13%! what kind of loan did you take? isn't it "مدعوم من مصرف لبنان" or iskan one? is it an LBP loan or USD one?
I have the one مدعوم من مصرف لبنان and it's in LBP.

They said they did " إعادة جدولة " and the interest rate on LBP increased.

What's even worse is that they're withdrawing money from my USD account @ 1502 LBP / 1 USD.

This is stealing in broad daylight....
my experience in BOB:

My account is in USD:
- i can withdraw up to 600$ per day from ATM (if there's $ available, which is very unlikely)
-limit of 3300$ per week from ATM
-they are taking 3$ commission per 1000$ if you withdraw from Bank teller(lets see when they open if they will adjust the commission and limits)
-no transfer available between internal usd and lbp account
-you cannot withdraw LBP from ATM if your account is only in USD
-USD credit card not working outside lebanon (my colleague experience)