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.
Lebanese lira to USD exchange
Ok so apparently recharge cards will be priced in LBP from tommorow, one step in the right direction
^^^^^^ THIS ^^^^^^Guitaret wrote Stop being angry at the "small" people.
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.Kareem wroteJust to understand the situation better, they're taking 2% when you withdraw from ATM ? or counter ?
$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?
How am I supposed to cover my payments then?
- Edited
Now is time for another demonstration...
Most banks stopped that months agoAVOlio wroteFransabank appearantly stopped exchanging money from lbp to usd in the online banking.
How am I supposed to cover my payments then?
- Edited
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:
Moreover:
What a mess.
I'm afraid the fixed rate is going to drive us into the ground. From Wikipedia:
It looks like we are in the midst of a currency crisis.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.
Moreover:
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.The announced exchange rate may not coincide with the market equilibrium exchange rate, thus leading to excess demand or excess supply
What a mess.
Sorry, do you mean that you are not able to pay online bills in USD using your Lebanese card?AVOlio wroteFransabank appearantly stopped exchanging money from lbp to usd in the online banking.
How am I supposed to cover my payments then?
- Edited
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
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
- Edited
@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.
there is no war to exaggerate the situation, its bad not same level venezuela bad.
- Edited
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.
No dollar = no bread and no medicine.
Cows need medicine and feed, requires maintenance, no good.
I have an LBP salary account.rolf wroteSorry, do you mean that you are not able to pay online bills in USD using your Lebanese card?AVOlio wroteFransabank appearantly stopped exchanging money from lbp to usd in the online banking.
How am I supposed to cover my payments then?
I have a USD credit card.
I cannot transfer money from lbp salary account to usd credit card account.
I have payments on it.
- Edited
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.
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.
Explain cheap. Do you want the rate to be above 1700 or back down to 1500?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
Rate is unrealistically low. it should be around 2500 LBP. Look around you.... Syria, Turkey, Iraq, Egypt, Tunisia, Algeria... their currency couldn't hold against USD in the last 5 years.VincentKeyboard wroteExplain cheap. Do you want the rate to be above 1700 or back down to 1500?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
We can't export anything anymore as it becomes more and more expensive to transport and sell goods abroad. We can't rely on immigrants money and tourism to survive each and every crisis.
- Edited
He us saying that $1 for 1700LBP is cheap. It should cost more to buy USD. More than 1700.VincentKeyboard wrote Explain cheap. Do you want the rate to be above 1700 or back down to 1500?
We are not discussing wants but expectations.
I think he is clear.
- Edited
exactly, it's not what I want. I want one lira = 1 usd, but I'm discussing what I see. The country has no economy, it does not produce anything. And what little it does produce we don't sell in liras anyway. Because of our genius dual currency system, tourists when they come here just use dollars, they are not forced to buy the local currency like they would be in other countries. So there is 0 natural demand for lira, government employees are pretty much the only group forced to take liras as their salary. And depositors were fooled to putting money in Lira for higher interest.
The only reason 1500 liras was one usd was because Riyad Salameh was pouring billions of dollars to support it at that rate. He is out of money to artificially support it now and it has no base or natural use. And so I think it will go to shit.
The banking system that used to attract money from abroad has lost confidence and lost its reputation. We used to get 4 billions a year in foreign deposits, it would be a miracle if our net flow is even positive this year at all...
The only reason 1500 liras was one usd was because Riyad Salameh was pouring billions of dollars to support it at that rate. He is out of money to artificially support it now and it has no base or natural use. And so I think it will go to shit.
The banking system that used to attract money from abroad has lost confidence and lost its reputation. We used to get 4 billions a year in foreign deposits, it would be a miracle if our net flow is even positive this year at all...