LebGeeks

rolf

Member

Re: Lebanese lira to USD exchange

More 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

Member

Re: Lebanese lira to USD exchange

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

Member

Re: Lebanese lira to USD exchange

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

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

Member

Re: Lebanese lira to USD exchange

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

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.

Last edited by vengeance666 (April 25 2020)

vengeance666

Member

Re: Lebanese lira to USD exchange

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.

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

Member

Re: Lebanese lira to USD exchange

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

Member

Re: Lebanese lira to USD exchange

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.

people are after the essentials only.

You would be surprised.

Last edited by NuclearVision (April 25 2020)

kareem_nasser

Member

Re: Lebanese lira to USD exchange

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.

people are after the essentials only.

You would be surprised.

We are still in denial.

infiniteloop

Member

Re: Lebanese lira to USD exchange

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

Geoleb

Member

Re: Lebanese lira to USD exchange

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

Member

Re: Lebanese lira to USD exchange

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/Stor … and-others

NuclearVision

Member

Re: Lebanese lira to USD exchange

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/Stor … and-others

I can't understand a word, please edit or delete.
thanks

kareem_nasser

Member

Re: Lebanese lira to USD exchange

Bank Audi are "offering" anyone who deposits fresh dollars to be converted to "lollars" multiplied by 2.1, BUT capital controls will then apply.

Deposit 1000 USD x 2.1 = 2100 lollars :)

Lebanese genius marketing reached new heights.

Last edited by kareem_nasser (April 25 2020)

TheIlluminative

Member

Re: Lebanese lira to USD exchange

I am paying around $800/month for a house that is under development. Any idea what is going to happen?

Of course giving him $$ is not even on the table. He can dream of it, but giving him LBP at the rate of 3.8 or 4 is too much.

Any idea what companies are doing nowadays?

xazbrat

Member

Re: Lebanese lira to USD exchange

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.

people are after the essentials only.

You would be surprised.

As of last week, undiscounted 'baladi' meat was 22000 per kilo as compared to 15000 probably before the October revolution.   You used to find deals on chicken legs 4 kg for 10000, but alas, the chicken legs now are between 4,5000-5000 per kg.  Odd thing is that the price of chicken breasts has not changed though and chicken legs are smaller meaning the chickens are younger and/or not being shot up with hormones, etc before being slaughtered. 

Last week, the butcher told me that he expected meat prices to be at 30000 per kg soon and chicken legs to consistently be over 5000/kg.  I haven't checked on the status of that yet.

Geoleb

Member

Re: Lebanese lira to USD exchange

I am paying around $800/month for a house that is under development. Any idea what is going to happen?

Of course giving him $$ is not even on the table. He can dream of it, but giving him LBP at the rate of 3.8 or 4 is too much.

Any idea what companies are doing nowadays?

I have a similar problem, I made a down-payment on an apartment and was paying monthly payments until the Iskan comes back, however the contract was in USD and I still needed around 60000$ to finish. The owner now wants on higher exchange rate but I won't pay that much difference so I am trying to secure the rest of the amount due in LBP ( 90 millions lbp) to offer it in 1 payment. If he refuses I think I will go the legal way and hire a lawyer cause as I know, "legally" all contracts made in Lebanon should be paid in local currency with the official rate at the date of execution whether the contract was made in lbp or usd that's what I was told. Now the fist question is how to secure all the remaining amount! 
Don't know if a similar solution can be helpful in your case!

NuclearVision

Member

Re: Lebanese lira to USD exchange

I am paying around $800/month for a house that is under development. Any idea what is going to happen?

Of course giving him $$ is not even on the table. He can dream of it, but giving him LBP at the rate of 3.8 or 4 is too much.

Any idea what companies are doing nowadays?

The best would be paying him LBP if he accepts.
Otherwise, just freeze the whole thing until further notice, that's what I would do.

Tech Guru

Member

Re: Lebanese lira to USD exchange

Bank Audi are "offering" anyone who deposits fresh dollars to be converted to "lollars" multiplied by 2.1, BUT capital controls will then apply.

Deposit 1000 USD x 2.1 = 2100 lollars :)

Lebanese genius marketing reached new heights.

Getting them 2100 × 3000 = 6,300,000 LBP & flipping them back to USD in the black market is a good manoeuvre I can do. It will not each a 6000 rate suddenly. Plan B, is closing a debt or give some a Cheque Boncuire @ 2100 USD ( Quick Example: Ordering items from Amazon through  Shipped.io,  they do accept a bank cheque.

6,300,000 / 5000 (Assume the rate reaches 5000) = 1260 USD , a good 260 USD.

It is a smart move from Audi to get USD from people @ giving them LBP @ approximately 6000 Rate vs the current black market. Hopefully it will be a one two day flip , no maturity days applies as the LBP  rapidly losing against USD.

Monday I will call Audi. If everything is clear , I will deposit 10,000 USD fresh money.

Last edited by Tech Guru (April 25 2020)

m0ei

Member

Re: Lebanese lira to USD exchange

Shipped.io accepts a USD bank cheque? that's weird!

nuclearcat

Member

Re: Lebanese lira to USD exchange

I think trying to outsmart Audi is bad idea :) but if someone risky enough - try that...

VincentKeyboard

Member

Re: Lebanese lira to USD exchange

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

We were getting paid in LBP back then. People would literally refuse US dollars.
The difference is that back then, the economy was based on LBP alone and rafik harirri heavily reinforced that.
The dollar meant nothing to people.
I remember we tried to buy a TV in 1991 and the store refused to accept dollars. It was a National.
We used to get upset if the grocery store returned a dollar bill for change because it was difficult to get rid of it.
Despite everything, life in the early to mid 90s was beautiful. We have Music Television (MTV). We have the perfect mix of traditional life and technology. We had both computers and arcade places. We had the cassette and the CD. The music was beautiful.

I would go Thanos on this planet to get the 90s back!

Last edited by VincentKeyboard (April 25 2020)

sero

Member

Re: Lebanese lira to USD exchange

Bank Audi are "offering" anyone who deposits fresh dollars to be converted to "lollars" multiplied by 2.1, BUT capital controls will then apply.

Deposit 1000 USD x 2.1 = 2100 lollars :)

Lebanese genius marketing reached new heights.

Getting them 2100 × 3000 = 6,300,000 LBP & flipping them back to USD in the black market is a good manoeuvre I can do. It will not each a 6000 rate suddenly. Plan B, is closing a debt or give some a Cheque Boncuire @ 2100 USD ( Quick Example: Ordering items from Amazon through  Shipped.io,  they do accept a bank cheque.

6,300,000 / 5000 (Assume the rate reaches 5000) = 1260 USD , a good 260 USD.

It is a smart move from Audi to get USD from people @ giving them LBP @ approximately 6000 Rate vs the current black market. Hopefully it will be a one two day flip , no maturity days applies as the LBP  rapidly losing against USD.

Monday I will call Audi. If everything is clear , I will deposit 10,000 USD fresh money.

I don't recommend you put any cash $$ at any Lebanese bank no matter their offer, can't you see what they have been doing for the past 6 month? how can you still trust them!
fool me once shame on you, fool me twice shame on me

Although the x 2.1 is confirmed news. news concerning being able to withdraw them at 3,000 is not yet accurate.
Always remember that any deal you make with any bank is always in benefit to the bank. So think about it, why would Bank Audi do this and not just buy cash USD from a sarraf at 4,000 instead?

Elie335

Member

Re: Lebanese lira to USD exchange

Bank Audi are "offering" anyone who deposits fresh dollars to be converted to "lollars" multiplied by 2.1, BUT capital controls will then apply.

Deposit 1000 USD x 2.1 = 2100 lollars :)

Lebanese genius marketing reached new heights.

Getting them 2100 × 3000 = 6,300,000 LBP & flipping them back to USD in the black market is a good manoeuvre I can do. It will not each a 6000 rate suddenly. Plan B, is closing a debt or give some a Cheque Boncuire @ 2100 USD ( Quick Example: Ordering items from Amazon through  Shipped.io,  they do accept a bank cheque.

6,300,000 / 5000 (Assume the rate reaches 5000) = 1260 USD , a good 260 USD.

It is a smart move from Audi to get USD from people @ giving them LBP @ approximately 6000 Rate vs the current black market. Hopefully it will be a one two day flip , no maturity days applies as the LBP  rapidly losing against USD.

Monday I will call Audi. If everything is clear , I will deposit 10,000 USD fresh money.

I don't recommend you put any cash $$ at any Lebanese bank no matter their offer, can't you see what they have been doing for the past 6 month? how can you still trust them!
fool me once shame on you, fool me twice shame on me

Although the x 2.1 is confirmed news. news concerning being able to withdraw them at 3,000 is not yet accurate.
Always remember that any deal you make with any bank is always in benefit to the bank. So think about it, why would Bank Audi do this and not just buy cash USD from a sarraf at 4,000 instead?

I agree. Just boycott all banks. They stole enough.

rolf

Member

Re: Lebanese lira to USD exchange

I would go Thanos on this planet to get the 90s back!

Cars were crappy.
But technology was generally more reliable.

rolf

Member

Re: Lebanese lira to USD exchange

Now the fist question is how to secure all the remaining amount!

I think you may need to secure more than the amount in LBP (90 million) because lawyers are expensive...