LebGeeks

Guitaret

Member

Re: Lebanese lira to USD exchange

Sold USD for 1950LL in Jounieh

TheIlluminative

Member

Re: Lebanese lira to USD exchange

I have a question, what about our money in the banks? If I have $30,000 there will I manage to get them? Or what will happen actually if the banks go bankrupt?

nuclearcat

Member

Re: Lebanese lira to USD exchange

Baby steps, local markets first. Start small. A lot of the process of packing fruits is human monitored, machines cannot tell the difference between a rotten fruit or a good one yet. The factories you showed are on the really high end, servicing millions of clients in the US. My ideas are more towards the local market, make it cheap enough and it will sell. If we locally package and we sell for 2000 liras a can. I am sure many people will buy for their children in winter... It should also be easy to market to restaurants. You can get quality from human processes, you put a team of quality control, you take it slow at first, it can work.

Funding in this dumb country is of course an issue, and I think they made it difficult on purpose so we can't compete with the already wealthy. In any other normal country you can get subsidized loans for 2% interest or create a company and make a public offering with laws that protect the rights of everyone...

My point is that if you "start small" like this cheese balls, nobody will buy product if quality is inferior.
Add also that there is risk of botulism and some other similar issues if can/product are improperly pasteurized. Doesnt matter how good is quality control, mistakes are possible, if humans involved. You wont be able to QC for this issue, unless you will pay labs exorbitant sums to test each N-th can.
One incident and you can close business and probably go to jail. Restaurants wont take this product just because of this reason, if they care at least about some safety. I dont know about lebanon, but in my country supplying your produce require to pass several certifications, otherwise next inspection might close restaurant, if they show all paperwork.

It might be much smaller scale than on video, but critical processes should be properly automated and done as industry standards require.

user

Member

Re: Lebanese lira to USD exchange

The country is collapsing and I need to do something. This sucks... We will see as it unfolds...

NuclearVision

Member

Re: Lebanese lira to USD exchange

we all want to do something but could we? Could the change start from Lebgeeks? Jokes aside, we do have some great potential!

Kareem

Member

Re: Lebanese lira to USD exchange

I have a question, what about our money in the banks? If I have $30,000 there will I manage to get them? Or what will happen actually if the banks go bankrupt?

For the time being, you're not able to withdraw more than $500 a week and up to $300 a day so it's gonna take around 1.5 year.

The banks cannot go bankrupt unless the government does. Their only way out for the time being is a bit difficult to digest but I see it coming :

1- They will convert automatically all incoming money from abroad to LBP
2- They will convert your savings in USD to LBP as a last resort.

nuclearcat

Member

Re: Lebanese lira to USD exchange

we all want to do something but could we? Could the change start from Lebgeeks? Jokes aside, we do have some great potential!

Each of us have his own expertise in specifics field and its time to share it and cooperate.
Primary targets:
A)Increase export and money brought to country
B)Decrease imports (more efficient consumption, more locally added value to imported products)
C)Help productive businesses grow

My proposals:
1)Make some project(s)/products that will help local businesses grow and compete. Like aforementioned hydroponics can be core technology to grow veggies on relatively small land, most important to make it cheap and accessible. It might be various automation tools, software, some CMS for online shop, and so on...
2)Make some tutorials and videos for people how to live more comfortably (means less stress) and more efficiently (less expenses).
Like how to buy right things (example: how to choose LED lights that wont die early, probably with fire), how to save energy and fuel, how to pick proper solar heater/panels, insulation and how to see if electrician/plumber/car mechanic doing things right or wrong/scamming.
3)Make together some product for export or to reduce import.

Think about your friends and just connections. Ask them what help they need to grow, sometimes people think they need big money, and some IT/tech guy dude know how to do it  1/10 or even 1/100 of cost.

I feel it needs separate thread

Last edited by nuclearcat (December 3 2019)

TheIlluminative

Member

Re: Lebanese lira to USD exchange

I have a question, what about our money in the banks? If I have $30,000 there will I manage to get them? Or what will happen actually if the banks go bankrupt?

For the time being, you're not able to withdraw more than $500 a week and up to $300 a day so it's gonna take around 1.5 year.

The banks cannot go bankrupt unless the government does. Their only way out for the time being is a bit difficult to digest but I see it coming :

1- They will convert automatically all incoming money from abroad to LBP
2- They will convert your savings in USD to LBP as a last resort.

I hope not Kareem. What a disaster if that's true - but I hope not.

I was traveling and I am back now - will go everyday to the bank and get $300 ;)

Guitaret

Member

Re: Lebanese lira to USD exchange

I was traveling and I am back now - will go everyday to the bank and get $300 ;)

You mean every week.

TheIlluminative

Member

Re: Lebanese lira to USD exchange

I was traveling and I am back now - will go everyday to the bank and get $300 ;)

You mean every week.

Or per day? I am not sure.

But I read you can open an account in Emirates NBD in UAE and they only need a passport and you don't need to pay taxes. I might do that for my future transactions.

But I am worried about my deposits in the bank now. It's not a lot, but worked so hard for it.

nosense

Member

Re: Lebanese lira to USD exchange

anyone knows how we can open a bank account in Cyprus ?

kareem_nasser

Member

Re: Lebanese lira to USD exchange

A friend tweeted that at BLOM they are now only allowing 100 USD per week. :)

Bank Audi: Monthly international and online limit is down to almost 210$ monthly from 3000$ daily

Last edited by kareem_nasser (December 3 2019)

sero

Member

Re: Lebanese lira to USD exchange

Almost all banks are decreasing the max amount every few weeks.
A month ago, Bank Audi's limit was 1k USD per week, then it decreased to 500 USD per week, and now 300 USD per week.

You can still withdraw LBP from your USD account, but at the 1507 rate.
Banks are forcing us to withdraw LBP so that they keep USD. What kareem says is very likely to happen:

1- They will convert automatically all incoming money from abroad to LBP
2- They will convert your savings in USD to LBP as a last resort.

Guitaret

Member

Re: Lebanese lira to USD exchange

Almost all banks are decreasing the max amount every few weeks.
A month ago, Bank Audi's limit was 1k USD per week, then it decreased to 500 USD per week, and now 300 USD per week.

I did withdraw yesterday from AUDI the amount of 500$, she said the weekly limit is 500$.

sero

Member

Re: Lebanese lira to USD exchange

I did withdraw yesterday from AUDI the amount of 500$, she said the weekly limit is 500$.

You're right.
The 300 USD is now the weekly limit when you're withdrawing from a Branch of Audi that is not your main branch.
Its still 500 if you're withdrawing from your main account branch.

Last edited by sero (December 3 2019)

Anthony2000

Member

Re: Lebanese lira to USD exchange

Sold USD for 1950LL in Jounieh

Which exchange shop?

wollyka

Member

Re: Lebanese lira to USD exchange

Sold USD for 1950LL in Jounieh

Which exchange shop?

It is  2000 LL in Hamra

Last edited by wollyka (December 3 2019)

wollyka

Member

Re: Lebanese lira to USD exchange

Almost all banks are decreasing the max amount every few weeks.
A month ago, Bank Audi's limit was 1k USD per week, then it decreased to 500 USD per week, and now 300 USD per week.

You can still withdraw LBP from your USD account, but at the 1507 rate.
Banks are forcing us to withdraw LBP so that they keep USD. What kareem says is very likely to happen:

1- They will convert automatically all incoming money from abroad to LBP
2- They will convert your savings in USD to LBP as a last resort.

https://www.annahar.com/article/1079002 … 8%B1%D8%A9

Kareem

Member

Re: Lebanese lira to USD exchange

Almost all banks are decreasing the max amount every few weeks.
A month ago, Bank Audi's limit was 1k USD per week, then it decreased to 500 USD per week, and now 300 USD per week.

You can still withdraw LBP from your USD account, but at the 1507 rate.
Banks are forcing us to withdraw LBP so that they keep USD. What kareem says is very likely to happen:

1- They will convert automatically all incoming money from abroad to LBP
2- They will convert your savings in USD to LBP as a last resort.

https://www.annahar.com/article/1079002 … 8%B1%D8%A9

I like the word " intention "; they use it every now and then.... but do you really trust what they say ? They announced a lot of measures in the last 30 days that wasn't translated correctly.

They said " No capital control " however we're in the middle of it.... They promised up to $1000 a week however no bank is complying with what THEY suggested.

IF you really wanna know how bad the situation is I suggest you have a look at this :
http://bit.ly/2sB6GwC

To sum it up :

The Central Bank of Lebanon may face a liquidity crisis in mid-2020 if the political paralysis and financial crisis continues and if no action is taken to remedy the situation.

The pace of loss of foreign exchange reserves at the BDL, as shown by mid-November data, suggests that 2020 could be a year of crisis and that BDL's foreign exchange reserves will be in danger....

The data is pointing out that the report omits a key point, the undeclared "Capital Control" adopted by banks, which will allow the BDL to buy more time between 12 and 18 months before the reserve runs out. This will push the liquidity crisis in foreign currencies into 2021.

wollyka

Member

Re: Lebanese lira to USD exchange

Almost all banks are decreasing the max amount every few weeks.
A month ago, Bank Audi's limit was 1k USD per week, then it decreased to 500 USD per week, and now 300 USD per week.

You can still withdraw LBP from your USD account, but at the 1507 rate.
Banks are forcing us to withdraw LBP so that they keep USD. What kareem says is very likely to happen:

https://www.annahar.com/article/1079002 … 8%B1%D8%A9

I like the word " intention "; they use it every now and then.... but do you really trust what they say ? They announced a lot of measures in the last 30 days that wasn't translated correctly.

They said " No capital control " however we're in the middle of it.... They promised up to $1000 a week however no bank is complying with what THEY suggested.

IF you really wanna know how bad the situation is I suggest you have a look at this :
http://bit.ly/2sB6GwC

To sum it up :

The Central Bank of Lebanon may face a liquidity crisis in mid-2020 if the political paralysis and financial crisis continues and if no action is taken to remedy the situation.

The pace of loss of foreign exchange reserves at the BDL, as shown by mid-November data, suggests that 2020 could be a year of crisis and that BDL's foreign exchange reserves will be in danger....

The data is pointing out that the report omits a key point, the undeclared "Capital Control" adopted by banks, which will allow the BDL to buy more time between 12 and 18 months before the reserve runs out. This will push the liquidity crisis in foreign currencies into 2021.

http://www.lebanondebate.com/images/mis … 8%20AM.png

Intention means "we are thinking of it and we will probably implement it later if the need arises"!

TheIlluminative

Member

Re: Lebanese lira to USD exchange

I booked my flight to Cyprus this Saturday to open a bank account there and will let you know how it works. Will Try to bring $10,000 with me

Guitaret

Member

Re: Lebanese lira to USD exchange

Sold USD for 1950LL in Jounieh

Which exchange shop?

Forgot its name, but it is the one in the same building as KFC & Malak Al Tawouk (in between)

Kareem

Member

Re: Lebanese lira to USD exchange

I booked my flight to Cyprus this Saturday to open a bank account there and will let you know how it works. Will Try to bring $10,000 with me

That's great to know, I'm opening next week in Paris.I will see how it goes. Keep us updated.

Out of curiosity, you are going with a schengen visa ?

Johnaudi

Member

Re: Lebanese lira to USD exchange

I booked my flight to Cyprus this Saturday to open a bank account there and will let you know how it works. Will Try to bring $10,000 with me

I've received information that they blocked Lebanese citizens to open new bank accounts in Cyprus, please update me on how it goes.

bobo619

Member

Re: Lebanese lira to USD exchange

I am just curious as why it is beneficial to have an exterior bank account if you can't have money transfered to it from Lebanon.