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Tech Guru wroteLimits of LBP Withdrawal may be applied soon. Limit of 2 million LBP per Month !


https://i.ibb.co/x3GdCcq/IMG-20201014-WA0050.jpg
Can still use credit cards to go over that--it seems that they are running out of currency and can't replace it quickly enough. Of course, if people use debit/credit cards it will make it more expensive for the merchants as they will be forced to accept exorbitant fees for being able to accept the cards, unless the central bank steps in and unifies and lowers the rates.
How will people pay the wages of their employees if there are limits of LBP withdrawals?
xazbrat wrote
Tech Guru wroteLimits of LBP Withdrawal may be applied soon. Limit of 2 million LBP per Month !


https://i.ibb.co/x3GdCcq/IMG-20201014-WA0050.jpg
Can still use credit cards to go over that--it seems that they are running out of currency and can't replace it quickly enough. Of course, if people use debit/credit cards it will make it more expensive for the merchants as they will be forced to accept exorbitant fees for being able to accept the cards, unless the central bank steps in and unifies and lowers the rates.
This should happen here in Lebanon.
Cash should cease to exist and cards should be encouraged by the government and central bank to each and every shop starting from the neighborhood dekkene!

This is how I believe is the status in Venezuela because of their hyperinflation where carrying huge amounts of money is hectic as they are still low in value.
I feel if banks keep acting like they are now, total lawlessness, people just will start making valuable transactions using outside banks.
E.g. card2card payments, both buyer and seller banks are abroad.
cryptocurrency on the way
Nothing beats good old fashioned gold and silver coins. It is trusted everywhere with little controversy, lasts forever, no rust no nothing and no hacks.
AVOlio wrote
This should happen here in Lebanon.
Cash should cease to exist and cards should be encouraged by the government and central bank to each and every shop starting from the neighborhood dekkene!
.
Dude they are doing that now to steal people money and merchants will not take virtual/fake money using any card as they cannot do anything with it (Literally). Some gas stations stopped accepting cards altogether yesterday.
user wrote Nothing beats good old fashioned gold and silver coins. It is trusted everywhere with little controversy, lasts forever, no rust no nothing and no hacks.
.
King Georges coin is now 460$ which is ~3,680,000LL, none of these currencies can be withdrawn from banks now (considering ~2M per month is for your daily expanses). Good luck buying those.
Update:

بعد تعميم مصرف لبنان القاضي بإلزام مستوردي المحروقات الدفع النقدي، اتخذ موزعو المحروقات في لبنان قرارا بتوقيف اعتماد البطاقات المسبقة الدفع على المحطات.

<admin edit: adding a source>
Guitaret wroteUpdate:

بعد تعميم مصرف لبنان القاضي بإلزام مستوردي المحروقات الدفع النقدي، اتخذ موزعو المحروقات في لبنان قرارا بتوقيف اعتماد البطاقات المسبقة الدفع على المحطات.
It's just the beginning, others will follow such as supermarkets, etc..
Guitaret wrote Dude they are doing that now to steal people money and merchants will not take virtual/fake money using any card as they cannot do anything with it (Literally). Some gas stations stopped accepting cards altogether yesterday.

They cannot do anything because not all places have pos machines, they're not very common.
But imagine if EVERY business small or big have pos machines and accept cards, then they can use them everywhere.

That's the case in Venezuela now where every business, starting from a small hot dog kiosk on the street has a pos machine.
also at what rate will POS charge you if your card/account is in USD not LBP.
AVOlio wrote
Guitaret wrote Dude they are doing that now to steal people money and merchants will not take virtual/fake money using any card as they cannot do anything with it (Literally). Some gas stations stopped accepting cards altogether yesterday.

They cannot do anything because not all places have pos machines, they're not very common.
But imagine if EVERY business small or big have pos machines and accept cards, then they can use them everywhere.

That's the case in Venezuela now where every business, starting from a small hot dog kiosk on the street has a pos machine.
Most taxis companies in Europe have POS in every car, dunno why here banks didn't promote them before
Basically Salameh wants to keep the money with him, and he wants people to play with the numbers in the banks. His plan is aimed at regaining control of the market that became a cash market, but it seems he is only pushing people more and more away from him, his banks and our currency.
Guitaret wrote
user wrote Nothing beats good old fashioned gold and silver coins. It is trusted everywhere with little controversy, lasts forever, no rust no nothing and no hacks.
.
King Georges coin is now 460$ which is ~3,680,000LL, none of these currencies can be withdrawn from banks now (considering ~2M per month is for your daily expanses). Good luck buying those.
What about silver? When there is a need there will be a way. Frankly I hate the king george coin, I don't know why it is the only coin in Lebanon. I prefer the Canadian mapple leaf myself, more gold in it and less impurities.
jsaade wrotealso at what rate will POS charge you if your card/account is in USD not LBP.
I refuse to use mine as they are charging at 1500ish---if they start using a model where the current exchange rate can be used, then I will use credit cards again. Really stupid not to encourage the use of credit/debit cards during a pandemic too---BDL could have been on top of this 7 months ago, but the institution is a failure when it comes to innovation and consumer friendly options.
Our company accountant claims that the root cause of this dilemma is that it was decided last year that 1500 was a too low price for 1 USD and that it should increase but things got out of hand in terms of food prices. And he feels that the current 8000 is too low still. Who in the right mind thinks that "One" of a foreign currency is worth over a "thousand" of a native currency? Frankly, I am upset at him.
VincentKeyboard wroteOur company accountant claims that the root cause of this dilemma is that it was decided last year that 1500 was a too low price for 1 USD and that it should increase but things got out of hand in terms of food prices. And he feels that the current 8000 is too low still. Who in the right mind thinks that "One" of a foreign currency is worth over a "thousand" of a native currency? Frankly, I am upset at him.
No one individual can decide what is the value of one currency compared to another.
Only the law of supply and demand does.
Just like commodities and items, a currency can also be considered as a commodity.
If your country is a producer of a certain commodity and if people all around the world are interested in buying this commodity that you're producing, then they will go ahead and exchange their own currency to buy our own currency, in order to eventually buy the desired commodity that you are producing.

But since we do not produce anything, and we do not have enough demand for our currency by outsiders, because no one is interested in buying something we produce, then the demand of our currency will be low, therefore it has no value against other currencies.


I kind of agree with the accountant regarding the fact that it was decided a year ago and maybe more that 1500 lbp is very low for a dollar, because I remember many people online, especially here asking for help about their usd loans, where they have been contacted by their banks and they've been told they would get big discounts if they continued paying in dollar and stuff like that.
The banks knew this would happen all along and they tried acquiring their given loans as much as they could.
You know, I used to say that Lebanon does not produce anything, but mostly the root cause is we spend a lottt there. Multiple visits between the day3a and the city by car each week if not each day, every person has their own car. In advanced countries we cannot afford that! In Canada you are highly discouraged from getting your own car with high taxes, big insurance costs and complicated licensing. And we simply travel by bus, same bus shapes as in Lebanon, all Lebanon needed to do was created official bus stops and instructions... It's a really dumb problem to have for 30 years.
Traveling each year abroad, also no one does that. In the US and Canada people mostly travel internally, travels to Europe are rare.

Lebanon has a lot of good affordable services, medical care, hotels(I have not tried them personally) we have agriculture with potential to easily expand it. We can expand services now since work is mostly remote to include not only remote software development, but remote private tutoring, remote psychotherapy(fin fact, hourly rate of my therapist over the internet is 130 usd per hour, but he is good and the Lebanese one I tried was shit) remote design. Maybe start a cartoon studio and make cartoons and movies(why not?)
I would giveaway my car if they make a respectable, safe, timely and hassle free transportation system.
But right now, if i don't drive to work, i will have to take 2 services and 2 buses + wait and spend a lot.
Its cheaper but also easier by car.

I second what Avolio said, as long as we don't produce anything, and begging for hard currency no longer works, our currency is bound to keep losing value.

I read today that the minister of agriculture decided to allow poultry imports, since farmers were not selling their chicken at current prices, it is then that i realized that we always blame politicians, but in fact, the lebanese citizen is the most corrupt.
Yes I think as the government gets weaker, people should organize into economic groups by themselves. And really organize well. We can have a private area based digital agricultural market masalan. You can try and hold meetings in your own villages and setup a bus route, and you all agree to hire someone who owns a bus, pay him a fixed rate per month all of you in exchange for him doing 2 trips a day (or 1 trip a day, whatever) things like that.

Imagine being the prime minister, setting up laws, and then the people below you are too corrupt or incompetent to actually practice that law. You're pretty weak at that point.