Lebanese lira to USD exchange

nosense · 2019-10-28T20:39:26+00:00

Hello guys, I'm creating this thread so we can discuss the exchange rate for lira against USD. Today the price on some foreign exchanges changed, although...

kareem_nasser

VincentKeyboard wrote
NuclearVision wrote In all honesty, I think there's a positive side for this crisis, which is it definitely won't last forever, when things get really bad, it means they're on track to getting fixed!
Keep your hopes high.
Thank you. I think the positive thing about this crisis is that it was the nudge people needed to understand their surroundings and how different economical aspects of different domains and industries relate to each other.

A nudge is too simple, i would say stumble and fall for some to get it.

But i like your spirit guys! Kudos!

vengeance666

Nobody dreams of having their salaries increased to match the current USD spike. Lots of companies are selling their products based on the "market price" and paying their employees on 1500. It's a dream come true for some pigs, especially factories who export and businesses who have a big client base in Lebanon (food manufacturers for example). Huge cut on labor expenses (imagine saving what's worth of 50k dollars a month in salaries while still having the exact same labor force), massive increase in profits (selling older stocks, basically free labor and increase of product price to match the current inflation). And well on the other side there is the struggling businesses who will eventually go bankrupt if this goes on much longer.

nefe_lpmk

vengeance666 wroteNobody dreams of having their salaries increased to match the current USD spike. Lots of companies are selling their products based on the "market price" and paying their employees on 1500. It's a dream come true for some pigs, especially factories who export and businesses who have a big client base in Lebanon (food manufacturers for example). Huge cut on labor expenses (imagine saving what's worth of 50k dollars a month in salaries while still having the exact same labor force), massive increase in profits (selling older stocks, basically free labor and increase of product price to match the current inflation). And well on the other side there is the struggling businesses who will eventually go bankrupt if this goes on much longer.

On a positive side, since labor is cheaper. More people will find work and our 30-40% unemployment might get lower after this settles.

tech-guru

vengeance666 wroteNobody dreams of having their salaries increased to match the current USD spike. Lots of companies are selling their products based on the "market price" and paying their employees on 1500. It's a dream come true for some pigs, especially factories who export and businesses who have a big client base in Lebanon (food manufacturers for example). Huge cut on labor expenses (imagine saving what's worth of 50k dollars a month in salaries while still having the exact same labor force), massive increase in profits (selling older stocks, basically free labor and increase of product price to match the current inflation). And well on the other side there is the struggling businesses who will eventually go bankrupt if this goes on much longer.

The only comment I have been waiting for long for " owners of companies with money geed mentality" and they are many here .

Sell at Market Price ( even with old stocks)
Pay Employees @ 1500 LBP
Cut Off 50% of the Salaries and Got Paid @ 1500 LBP
No one watching

NuclearVision

Due Banque du Liban (Central Bank of Lebanon) induced extreme market volatility, the Syndicate of Exchange Houses in Lebanon has announced a 2 day strike, with licensed exchange houses closed until Monday April 27, 2020.
Simultaneously, Banque du Liban revised the Parallel Market Rate to a new all-time record of 3,625, up from 2,600, a jump of 1,025 Lebanese Lira since the last Parallel Market Rate was set.
Day 40 of State of Full Mobilization for COVID19 Pandemic.

Is this true?

ironman

NuclearVision wrote
Due Banque du Liban (Central Bank of Lebanon) induced extreme market volatility, the Syndicate of Exchange Houses in Lebanon has announced a 2 day strike, with licensed exchange houses closed until Monday April 27, 2020.
Simultaneously, Banque du Liban revised the Parallel Market Rate to a new all-time record of 3,625, up from 2,600, a jump of 1,025 Lebanese Lira since the last Parallel Market Rate was set.
Day 40 of State of Full Mobilization for COVID19 Pandemic.
Is this true?

Yes

DNA

If someone needs to pay old bonds which are in usd legally speaking do they need to be paid in usd or can be paid in official usd to lbp rate if legal action is taken?

NuclearVision

today i was at the bank, a guy with car loan was asking, she said you need to pay usd unless you get some kind of special approval from the bank.

DNA

Thanks for your answer but the payments aren't in a bank its a regular home appliances store, its actually my friend who doesn't wanna pay because the items he got like a year ago and now the price is like too much but isn't sure if legally he will be forced to pay in USD or what, if anyone can give insight on this

in any case it is crazy if you think of it you you owe a store like 6K in home appliances and now your 200$ a month payment is like 800,000 which most people can't afford. and the store needs like 800,000 a month lol so the appliances he got are worth 24,000,000 lol. legally he should pay in official usd to lbp i think since the economy is shit and companies should take some loses not just individuals.

rolf

nefe_lpmk wroteMore people will find work and our 30-40% unemployment might get lower after this settles.

Yeah especially since all Syrians and foreign workers (Ethiopian, etc.) are likely to go home or somewhere else where they can be making a better salary.

More people washing their own dishes, I would like to see that.

infiniteloop

Many companies are doing tons of money nowadays like Fattal and all other supermarket products importers, they NEVER sold as they are selling today and at market rate of 4000LL, other companies did billions of $ the last years and can afford to pay the employees a raise to give them the power of buying more things than bread and water. But most of them are stubborn and don't understand shit about economy and trade, they just say ''oh my! I used to win 50000$ per month, I will fire employees or keep them at 1500LL salaries instead of losing my precious 50k per month'' , they simply don't understand that if they all do this then nobody will by anything than stuff in supermarkets, but all the market of mobile phones, cars,furniture, decoration stuff, travels, televisions.... will all close their door because they will sell nothing, because salaries in lbp today are way too low. I can understand that a small shop can't raise the employees salaries but medium to big companies who have huge bank accounts should think about a raise to boost up the market and stop being selfish because we will all lose

Kareem

infiniteloop wroteMany companies are doing tons of money nowadays like Fattal and all other supermarket products importers, they NEVER sold as they are selling today and at market rate of 4000LL, other companies did billions of $ the last years and can afford to pay the employees a raise to give them the power of buying more things than bread and water. But most of them are stubborn and don't understand shit about economy and trade, they just say ''oh my! I used to win 50000$ per month, I will fire employees or keep them at 1500LL salaries instead of losing my precious 50k per month'' , they simply don't understand that if they all do this then nobody will by anything than stuff in supermarkets, but all the market of mobile phones, cars,furniture, decoration stuff, travels, televisions.... will all close their door because they will sell nothing, because salaries in lbp today are way too low. I can understand that a small shop can't raise the employees salaries but medium to big companies who have huge bank accounts should think about a raise to boost up the market and stop being selfish because we will all lose

I don't think they are doing tons of money. In fact I think they are doing less. The purchasing power is weaker and people are after the essentials only.

vengeance666

Kareem wrote
infiniteloop wroteMany companies are doing tons of money nowadays like Fattal and all other supermarket products importers, they NEVER sold as they are selling today and at market rate of 4000LL, other companies did billions of $ the last years and can afford to pay the employees a raise to give them the power of buying more things than bread and water. But most of them are stubborn and don't understand shit about economy and trade, they just say ''oh my! I used to win 50000$ per month, I will fire employees or keep them at 1500LL salaries instead of losing my precious 50k per month'' , they simply don't understand that if they all do this then nobody will by anything than stuff in supermarkets, but all the market of mobile phones, cars,furniture, decoration stuff, travels, televisions.... will all close their door because they will sell nothing, because salaries in lbp today are way too low. I can understand that a small shop can't raise the employees salaries but medium to big companies who have huge bank accounts should think about a raise to boost up the market and stop being selfish because we will all lose
I don't think they are doing tons of money. In fact I think they are doing less. The purchasing power is weaker and people are after the essentials only.

The companies who sell essentials, or dominate the market in some corner are the subject here. I know a company where I live here that makes canned goods. That's an essential, and most of their business is exporting outside of Lebanon which means they are getting paid with fresh US dollars, and they increased the prices of their products available locally in the lebanese market. So technically their business is unaffected. But they are paying their workers 450$ a month on 1500 which is the minimum wage. At the same time most of their income is fresh dollars or what's equivalent in LBP on the local market. They just technically saved the expenditure of employees wages by dividing them almost by 3, and increased their profits massively.

vengeance666

DNA wroteThanks for your answer but the payments aren't in a bank its a regular home appliances store, its actually my friend who doesn't wanna pay because the items he got like a year ago and now the price is like too much but isn't sure if legally he will be forced to pay in USD or what, if anyone can give insight on this

in any case it is crazy if you think of it you you owe a store like 6K in home appliances and now your 200$ a month payment is like 800,000 which most people can't afford. and the store needs like 800,000 a month lol so the appliances he got are worth 24,000,000 lol. legally he should pay in official usd to lbp i think since the economy is shit and companies should take some loses not just individuals.

Legally, I don't think they can ask you to pay in USD. Well of course they will try to, but they can't really go to court with it. Just refuse to do it like everyone else is doing. I bought a refrigerator last summer before all this and just today I paid the final due on LBP 1500. He never even asked me to pay USD or on market price. It was 75000 LBP per month when I bought it and it remained so until today.

rolf

It is a weird situation. Last week I bought some (good) grilled chicken, for 19000. Which in practice is now equivalent to $7. So in dollars the price of the chicken is halved, I can have twice the chicken for my dollars.

On the other hand there is inflation on imported goods and massive devaluation of the lira.

All the while the dollar rate is officially 1500 LBP (which is really concerning, imagine if anyone has access to this rate what they can do...)

So It's good that we are still able to eat but it would be nice if it were simpler...

NuclearVision

7$? more like 4$.
Meat has increased significantly in price but not poultry, i guess it will when they start running out of antibiotics, hormones and all the other crap they import to feed the chicken.

Kareem wrote people are after the essentials only.

You would be surprised.

kareem_nasser

NuclearVision wrote7$? more like 4$.
Meat has increased significantly in price but not poultry, i guess it will when they start running out of antibiotics, hormones and all the other crap they import to feed the chicken.
Kareem wrote people are after the essentials only.
You would be surprised.

We are still in denial.

infiniteloop

Do you know if in 1990/1991 people were getting salaries in lbp or $?
I wonder how they survived back then

Geoleb

Hello, if my client is going to pay me a usd check of let's say 1000$, what is the best way to cash it out? Noting that I don't have a USD bank account. I know I won't be able to cash it in USD but was wondering if I will be able to cash it in market exchange rate or the bank will force me to take it on 1515 L.L?

tech-guru

Is Bank Audi New Product Valid , Double USD amount when you deposit
& Either you can withdraw it @ 3000 LBP after doubling the amount or doubled USD amount but used on Cheque boncuire.

Example: I can withdraw 1000 USD as fresh dollars & withdraw them @1000×2×3000 = 6 million LBP.

http://www.businessnews.com.lb/cms/Story/StoryDetails/8587/Double-your-dollars-program-launched-by-Bank-Audi-and-others

« Previous Page Next Page »