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rolf wroteOne idea that I have been pondering about for a while but never got the chance to try:
If you have an LBP debit card, can you buy things online, which are listed in USD?
If so, then it would be possible to exchange LBP into USD using the Visa exchange rate which is still set to the official one.
No, it will not work. My card was used online last week but now it says balance is 0. Although the limit is set to 20K and funds are sufficient, ever since they opened last Friday, they froze everything related to cards.

Some people are even accepting cheques or credit cards because banks are closed.

As far as I understand, many people working for international companies are getting paid in USD. Banks are giving LBP instead so you can imagine how they're forcing people to deal with Lira.

Also banks decided to open on Friday or Monday.... That's exactly on the first of November when all salaries are already transferred. Coincidence ? They could have opened tomorrow but no...

I'm also pretty sure that BDL in collaboration with banks is selling the USD in blackmarket to exchange offices.
Kareem wrote I'm also pretty sure that BDL in collaboration with banks is selling the USD in blackmarket to exchange offices.
God knows what they are doing behind closed doors.
There needs to be more transparency in this country, it helps against corruption and also helps in restoring confidence.

Thanks for your answer to my question.

I had an amount in an LBP saving account that I was planning to transfer to dollars through the method mentioned. This was back when USD was starting to become scarce but before the banks closed. Too late now.

I don't care - it will serve me as a lesson. However I know that it is a very harsh "lesson" for those who earned and saved Lebanese Pounds over a long period, and I am sorry for their plight.
One thing that bothers me with the whole situation is that through all the bullshit the banks are doing, nobody is pointing the finger at them.

They are controlling our livelihoods and nobody bat's an eye!

They enable corruption, they hold the country's debt, they are dictating their terms and everyone just takes it.

I keep daydreaming about one day having a "real" revolution where EVERYONE picks up a stick, a shovel, a broom, anything, and we go down and physically overthrow them all.

Bring another guillotine revolution.

But sadly, we live in a reality where we grovel towards the banks.
JudicatorKhoury wroteOne thing that bothers me with the whole situation is that through all the bullshit the banks are doing, nobody is pointing the finger at them.
Thank you for saying that and as I am one of the many folks waiting/suffering for ISKAN to start working again, I remember clearly the day the BDL governor said a year ago they will start providing loans but the private banks refused the terms. The people should frown more upon them as they:
1- Gave/stole the money left & right when BDL did provide a very low-interest fund
2- Refused the BDL ISKAN restoration plan because it gave them less room to be corrupted.

My only hope is that if they started "استرداد الأموال المنهوبة" law, we should all work together to include them in the dirty files to be convicted and punished in the name of the people.
Kareem wrote And one last thing I forgot to mention, you can no longer carry as much cash as you want at the airport. They forbid it even if you declare to customs.
To my understanding its max 10k USD, or this was changed also?
Guitaret wrote My only hope is that if they started "استرداد الأموال المنهوبة" law, we should all work together to include them in the dirty files to be convicted and punished in the name of the people.
Its nearly impossible to get back stolen money that were transferred to other countries (like Switzerland)
You need a lot of lawyers, a lot of collaboration between the countries, and a lot of proof that the money was stolen to do that.

If you have a USD account, Bank Audi is allowing 1k USD withdrawal per day (if there is money in the ATM). You can however still withdraw LBP but the rate is 1480!! Is that even legal!? they are forcing us to withdraw LBP and on a rate lower than the official rate.

Do you think this is just happening due to current situation? and when banks open everything will be back to normal?
sero wrote
If you have a USD account, Bank Audi is allowing 1k USD withdrawal per day (if there is money in the ATM). You can however still withdraw LBP but the rate is 1480!! Is that even legal!? they are forcing us to withdraw LBP and on a rate lower than the official rate.
This is an absolute robbery. I am starting to hate them more than I hate our beloved politicians and their media TVs.

My salary is domiciled at Audi and I am seriously considering asking to get paid in Cash as fees have been popping up right & left like crazy. They even increased my credit card interest and announcing it by sending this stupid SMS "Dear Customer, following recent International upgrades we have revised our credit card fees & charges". Those dirty shops that call themselves "banks" need to put to their size immediately.

Another thing guys, for those of you with saving accounts that will try to withdraw money from tomorrow when the banks open, please keep us posted as many of us need to know how much they are truly broke.
Johnaudi wrote
VincentKeyboard wrote
vlatkozelka wrote
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)
This is atrocious. You don't mess with a man's food!
Banks and the government are together on this. Banks have been making huge money from lending to the government at very high interest rates.

It was nice and easy money, so much that they failed to diversify their investment.

However this national debt did not convert into real economic growth. Most probably it was wasted through corruption and mismanagement.
VincentKeyboard wrote This is atrocious. You don't mess with a man's food!
This is capitalism, when demand goes up, prices goes up.

The government has been taxing poor people forever, which is very bad for social stability.

Have very poor people struggling which you neglect and exploit, and very rich people which keep getting richer and keep getting favored, you will have an unstable situation... It's as if Lebanon has learned nothing from 15 years of civil war.

Sociology is the key.

If we want a technocrat government, there should be many sociologists in there.
Guitaret wrote
Another thing guys, for those of you with saving accounts that will try to withdraw money from tomorrow when the banks open, please keep us posted as many of us need to know how much they are truly broke.
I think I will go with my camera, and try to take some photos of the queues.
Any inside information about LBP to USD transfers (before it was allowed with freezing of up to 1 year). Is that still the case?
sero wrote
Do you think this is just happening due to current situation? and when banks open everything will be back to normal?
This is happening because they want to maintain the peg ($1 = 1500).

One reason to maintain the peg is to be able to pay back the national debt. If the lira devaluates, it will become hard to pay back the debt.

I dont think it will change anytime soon. It will only be possible to lift the USD withdrawal restrictions when the customer confidence in the banking system is restored. Otherwise everyone will rush and take out all their dollars which they cannot allow.
i didn't read the whole thread but the whole dollar issue is because hezbollah affiliated companies and personnel took the USD from lebanon to syria to help them overcome the sanctions and they caused this whole dollar issue here.

bank aren't at fault all these measures are dictated by BDL to help the lira stay stable or it will crash real bad.
Do you have any written sources to back this claim, by any chance?
The USD recent issue started with the news that ATMs/Accounts were being emptied from USD and went to Syria especially in the Beqaa area because the Syrian pound was suffering due to US sanctions.
The above news was everywhere but no one knows about the specific numbers since BDL thrives on lack of transparency.
Probably this is no longer covered in the news because the issue is now bigger than our historically never useful neighbors.
What is the situation at banks today? Anyone went?
Limits, conditions, waiting time?
rolf wroteWhat is the situation at banks today? Anyone went?
Limits, conditions, waiting time?
- Bank Audi
- Cheque in USD collected in cash
- Everything went smooth
- $45 commission ( 3‰)
- Loans completely stopped ( personal, cars, new credit cards etc... )
- Went early morning at 8:30 AM
Kareem wrote
rolf wroteWhat is the situation at banks today? Anyone went?
Limits, conditions, waiting time?
- Bank Audi
- Cheque in USD collected in cash
- Everything went smooth
- $45 commission ( 3‰)
- Loans completely stopped ( personal, cars, new credit cards etc... )
- Went early morning at 8:30 AM
3% or per mil?

yesterday bankmed took 1% commision on withdrawal
xerxes wrote
Kareem wrote
rolf wroteWhat is the situation at banks today? Anyone went?
Limits, conditions, waiting time?
- Bank Audi
- Cheque in USD collected in cash
- Everything went smooth
- $45 commission ( 3‰)
- Loans completely stopped ( personal, cars, new credit cards etc... )
- Went early morning at 8:30 AM
3% or per mil?

yesterday bankmed took 1% commision on withdrawal

3 per thousand. 1% is really too much. Are you sure ? which bank ?
Please boycott the exchange places, these criminals want to be billionaires in a couple of weeks while putting huge commissions on the rates, if we all boycott them including buying internet and cell phones line recharges we can make them return to normal.
I am upset that there are still no law to fix a max commission rate for them since the Lebanese war
Hmmm... I think I will rather boycott people who do not understand how free markets work.