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Kareem wrote
xterm wroteFNB charging 3000L.L per 1000$ for anything sub 2000$ and 2% (yes, that's percent) for anything over 2000$
Just to understand the situation better, they're taking 2% when you withdraw from ATM ? or counter ?
Most banks ATMs don't even have dollars, so you have to use the counter
infiniteloop wrote 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
People can't just boycott exchange places. Our economy highly depends on USD and its becoming a hassle to withdraw USD from banks.
Due to high demand and low supply, exchanges are buying USD at a high price, hence they need to sell it at high price to make profit. Of course some of them are abusing this, but i guess its still the fault of BDL and our politicians after all.
infiniteloop wrotePlease 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
@infiniteloop I am not going to describe you as naive but rather I will share with you my story regarding the shops that sell recharge cards.
My brother has a small cell shop and dealing with recharge cards is his daily business and here is what you need to know:
Service Centers (for Touch & Alfa) will sell you (dealer or regular customer) the recharge card with the exchange of 1507.5LL. Sound great? But guess what? They will only sell you a max of 3 cards because they want you to deal with their resellers. Their resellers (official or black market ones) will sell you at the exchange of 1600LL (3 weeks ago), 1650LL (2 weeks ago), 1800LL(last week) and now they will only accept USD.
In the case of my brother he has only a few USD in his cash drawer that will have to use to buy recharge cards to end up selling them to customers in LL for 3.5% profit if (and only if) the exchange is 1500LL. In this case, it will be very stupid of him not to sell his USD notes for a currency exchange shop for 1700LL (don't you think) and now he has 2 choices:
Sell the 1-month recharge cards for 49,000LL and risk being shout at and reported to the ministry.
Not sell recharge cards.

Now he is not selling recharge cards because he has no access to USD and adding to this problem the bad economy and low purchasing power of customers, he will shutdown his business soon.

Stop being angry at the "small" people.
It should be illegal to sell local services and non imported stuff for USD in lebanon, alfa and touch should charge in LBP it all boils down to the corrupt political system, enough said.
Ok so apparently recharge cards will be priced in LBP from tommorow, one step in the right direction
Guitaret wrote Stop being angry at the "small" people.
^^^^^^ THIS ^^^^^^
Kareem wroteJust to understand the situation better, they're taking 2% when you withdraw from ATM ? or counter ?
Counter, i had a quarrel with the branch manager to no avail. I ended up converting to LBP instead of losing a fairly large USD sum, which is not an issue considering I needed the bulk for LBP payments.
$1500 max withdraw per day, and they take $6 fees
Just received a call from the branch manager at Audi Bank.... I can no longer collect cheques in cash if the value is above $3000 USD
Fransabank appearantly stopped exchanging money from lbp to usd in the online banking.
How am I supposed to cover my payments then?
Now is time for another demonstration...
AVOlio wroteFransabank appearantly stopped exchanging money from lbp to usd in the online banking.
How am I supposed to cover my payments then?
Most banks stopped that months ago
I think they are in trouble and trying to maintain the USD / LBP exchange rate.

I'm afraid the fixed rate is going to drive us into the ground. From Wikipedia:
Additionally, the stubbornness of a government in defending a fixed exchange rate when in a trade deficit will force it to use deflationary measures (increased taxation and reduced availability of money), which can lead to unemployment.
It looks like we are in the midst of a currency crisis.

Moreover:
The announced exchange rate may not coincide with the market equilibrium exchange rate, thus leading to excess demand or excess supply
Everyone knows that the market value for USD is 1600+ LBP. Therefore if you can get yours from the bank at 1505 then everyone will get all the USD they can and resell them on the black market for benefit. This is another reason why they are setting all kinds of limits on USD.

What a mess.
AVOlio wroteFransabank appearantly stopped exchanging money from lbp to usd in the online banking.
How am I supposed to cover my payments then?
Sorry, do you mean that you are not able to pay online bills in USD using your Lebanese card?
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?story_fbid=10162846020780457&id=526730456&sfnsn=mo&d=n&vh=i
@user dont forget to buy a cow just in case...

there is no war to exaggerate the situation, its bad not same level venezuela bad.
How do we know it is not Venezuela level of bad? I see a lot of similarities. No local production of goods and foreign money stopped coming in.
No dollar = no bread and no medicine.

Cows need medicine and feed, requires maintenance, no good.
rolf wrote
AVOlio wroteFransabank appearantly stopped exchanging money from lbp to usd in the online banking.
How am I supposed to cover my payments then?
Sorry, do you mean that you are not able to pay online bills in USD using your Lebanese card?
I have an LBP salary account.
I have a USD credit card.

I cannot transfer money from lbp salary account to usd credit card account.
I have payments on it.
I was at the bank today and the number of people trying to withdraw huge amount of cash is unbelievable.. I'm not talking about few thousands... I'm talking about people how have millions of dollars asking for " cheques bancaire...

Obviously the banking system in lebanon lost credibility and trust and I'm pretty sure that although people have money in their account, most of it doesn't really exist. Banks have been known for giving crazy interest rates, this alone had a very detrimental effect on the economy.

Just forgot to mention, BLOM starting from today, will not accept LBP for credit card payments.
user wroteAppearances 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
Explain cheap. Do you want the rate to be above 1700 or back down to 1500?