LebGeeks

kareem_nasser

Member

Re: Lebanese lira to USD exchange

I highly doubt this whole thing is based on actual offer and demand. Exchanges are literally spitting out random numbers to take advantage of the situation under the cover of "offer and demand".

Highly possible given the discrepancy between them.

Guitaret

Member

Re: Lebanese lira to USD exchange

I highly doubt this whole thing is based on actual offer and demand. Exchanges are literally spitting out random numbers to take advantage of the situation under the cover of "offer and demand".

Because the market is small, it is possible that they are doing it.

I have seen very bad practices in these offices:
-Some spreads are reaching 200LL: The guy behind me wanted to buy USD and the exchange office wanted 200LL more than the price he bought mine. Sometimes I think about snatching his customers and offer them my USD because of their rude ripoffs.
-One exchange bought my USD exactly while telling the customer behind me that he is out of USD.

DG

Member

Re: Lebanese lira to USD exchange

مروان شربل لنقيب الصيارفة: أنتم تسرقون الشعب

https://www.youtube.com/watch?v=05gNgnh_QHg

rolf

Member

Re: Lebanese lira to USD exchange

The question we should be asking is who has access to dollars at 1500?

NuclearVision

Member

Re: Lebanese lira to USD exchange

The question we should be asking is who has access to dollars at 1500?

Banks,but in scarce quantities And no one else, i hope.

AVOlio

Member

Re: Lebanese lira to USD exchange

Does anybody know if exchange places here take Lebanese lira and give Philipines Pesos?

rolf

Member

Re: Lebanese lira to USD exchange

And no one else, i hope.

So you are hoping there is no corruption.

By the way I also hope so.

Last edited by rolf (January 16 2020)

infiniteloop

Member

Re: Lebanese lira to USD exchange

Tomorrow it could be at 2000LL
People are saying it will drop to 1800LL once the government is official

potato

Member

Re: Lebanese lira to USD exchange

What government ?

infiniteloop

Member

Re: Lebanese lira to USD exchange

The one that will last about 2-4 days

Tech Guru

Member

Re: Lebanese lira to USD exchange

The decision by the Exchange House (Sarrafeen) is in fact true. It has been confirmed.

However, the agreement is to ONLY set the BUY $ price at 2,000.

There is NO agreement on the sale of $. Sarrafeen, from what is understood at this moment, can set the SELL $ price without restrictions.

This means that if you have Lebanese Lira, you can now buy $ at 2,000 at any Sarraf. But there is no set price for how much Lebanese Lira you can get when you are selling your $.

As for today:

They buy it at 2000 and sell it at 2050 - 2100. 2000 is the max it will not increase anymore after yesterday meeting with BDL. For the near future no body knows any sudden turnovers. In such way inflation is fixed at 33%  - 35% lose of the LBP value which or purchasing power. Sad

Last edited by Tech Guru (January 22 2020)

xerxes

Member

Re: Lebanese lira to USD exchange

the vast majority of Sarafen not selling US dollars.

soon we will have a 3rd market.

bobo619

Member

Re: Lebanese lira to USD exchange

My speculation on this are that the Sorafin are not happy with the  new cap agreement and it is the only way to put pressure without getting penalized. Their end goal is increasing demand and decreasing supply thus controlling the inflated market indireclty.This is unethical and has to stop

potato

Member

Re: Lebanese lira to USD exchange

the vast majority of Sarafen not selling US dollars.

soon we will have a 3rd market.

No doubt. That's corruption. i'm afraid the $ might go to other nearby countries that are banned by US from using $. While Lebanon will suffer more.

xerxes

Member

Re: Lebanese lira to USD exchange

lots of people are willing to buy at 2,000 (including Importers ofcourse).

I think think its cheap considering the situation we are in.

VincentKeyboard

Member

Re: Lebanese lira to USD exchange

The decision by the Exchange House (Sarrafeen) is in fact true. It has been confirmed.

However, the agreement is to ONLY set the BUY $ price at 2,000.

There is NO agreement on the sale of $. Sarrafeen, from what is understood at this moment, can set the SELL $ price without restrictions.

This means that if you have Lebanese Lira, you can now buy $ at 2,000 at any Sarraf. But there is no set price for how much Lebanese Lira you can get when you are selling your $.

As for today:

They buy it at 2000 and sell it at 2050 - 2100. 2000 is the max it will not increase anymore after yesterday meeting with BDL. For the near future no body knows any sudden turnovers. In such way inflation is fixed at 33%  - 35% lose of the LBP value which or purchasing power. Sad

They should cap both at about 1550.

infiniteloop

Member

Re: Lebanese lira to USD exchange

Got $ now at 2100LL, I am afraid it will increase again, I received a notification from a LL to $ app saying it's increasing to 2150$ and even if you want to sell $ it increased to 2050

AVOlio

Member

Re: Lebanese lira to USD exchange

Got $ now at 2100LL, I am afraid it will increase again, I received a notification from a LL to $ app saying it's increasing to 2150$ and even if you want to sell $ it increased to 2050

So what?
The announcement of the decision of the exchange house is not being applied?

infiniteloop

Member

Re: Lebanese lira to USD exchange

Got $ now at 2100LL, I am afraid it will increase again, I received a notification from a LL to $ app saying it's increasing to 2150$ and even if you want to sell $ it increased to 2050

So what?
The announcement of the decision of the exchange house is not being applied?

No, it's already at 2025-2050LL while it was supposed to stay at 2000, it didn't last 24h

AVOlio

Member

Re: Lebanese lira to USD exchange

You should report it right now.
There was an official picture of the memo floating around the internet and a phone number was put right under the document.
You should call and report the exchange place that sold you $ above 2000LL

xerxes

Member

Re: Lebanese lira to USD exchange

report to whom? to the ones holding our money at the banks? to the ones who were ripping us off for 30 years.
they are all in this brother

sero

Member

Re: Lebanese lira to USD exchange

Got $ now at 2100LL, I am afraid it will increase again, I received a notification from a LL to $ app saying it's increasing to 2150$ and even if you want to sell $ it increased to 2050

So what?
The announcement of the decision of the exchange house is not being applied?

of course it will not be applied.
No one will sell $$ to exchanges (unless in desperate for lbp) because they worth more than 2,000 lbp
Exchanges will not sell $$ at 2050-2100 because they bought $ at 2400 a few days ago

Even if the exchange syndicate decided the price at 2,000, they can't force it
And in case a new law has been implemented to force this, a 3rd black market will appear
Read this: https://threadreaderapp.com/thread/1220 … 49216.html

Edit to add a quote from an article:
لا تملك النقابة سلطة على الصرافين، من هنا فإنّ التهديد بالملاحقة القانونية يبقى كلاماً بكلام ربما لتهدئة الشعب الغاضب والثائر

Last edited by sero (January 23 2020)

xazbrat

Member

Re: Lebanese lira to USD exchange

Someone I know was buying USD for 2000, but was only selling to known entities and people and as of this morning, 2150.  I saw some random guy trying to buy USD (I think he was Syrian) and he told him that he didn't have any for sale.  It didn't help that the guy was trying to get about $25K I guess.

More or less--they are buying as much as they can, but not selling right now.

rolf

Member

Re: Lebanese lira to USD exchange

It didn't help that the guy was trying to get about $25K I guess.

Seriously, trying to buy $25K from some random guy off the street?

infiniteloop

Member

Re: Lebanese lira to USD exchange

We desperately need a law to control these mafias severely and put max quotas like in any other country, the problem is that these sarafin are protected by political parties