The State of the Lebanese Pound [$ @ 22,500]

Yesterday I bought some aluminium for my house; the guy asked 950$ a week ago; I paid 900,000 LL at the time.

Yesterday he requested a further 600,000LL.

7assab el dollar 1600LL

I wonder how they are doing their calculation!
 

feng

New Member
No ponzi monzi heh? Anyone holding a small grudge against Lebanon was telling us about bankruptcy and chaos in the past 2 weeks, where are you now?

Where are you now? I can see 12 different exchange rates, people trying to take advantage from the situation, people running around trying to find dollars. if you cannot see the chaos then maybe you live in another country?
 
LBP will not collapse; aslan anja2 fi LBP bil sou2.

All these troubles and the $ is 1700 LL to 1900 LL max in the black market.
 

Nonan

Legendary Member
Orange Room Supporter
The banks are playing dirty; they only want to gain from the lebanese economy and they don't want to help now that the crisis is here.
Not totally true. The banks are trying to apply capital control but can’t officially do it without a law / legal framework for it, hence the shenanigans.
Applying capital control would make a lot of sense in our situation. Only issue is at what threshold should they apply the haircut (eg above $1M)
 

Venom

Legendary Member
Any haircut on the deposits will be a disaster to the whole banking system and to the quality of life in lebanon.

there Shouldn’t be haircuts but restore the stolen money from saniora and friends.
 

Nonan

Legendary Member
Orange Room Supporter
Any haircut on the deposits will be a disaster to the whole banking system and to the quality of life in lebanon.
What disaster would happen if the haircut is applied on all personal deposits above $1M? Remember these are people knowingly getting 10%+ on US deposits (more than 4x any rational expectation)... these are at a minimum speculators
 
What disaster would happen if the haircut is applied on all personal deposits above $1M? Remember these are people knowingly getting 10%+ on US deposits (more than 4x any rational expectation)... these are at a minimum speculators

No haircut, stop banking secrecy for accounts exceeding 1M$ (or any other threshold); then apply a variable tax on the interest rate. For example 11% tax on the interest coming from first million; then 20% on the second, 30% on the second so on.

Of course; rich people can always spread their money on several accounts; but in this case they will not get high interest rates.
 

zero

Member
Call it a tax call it a haircut or whatever. We need to target the top 10% that own like 70% of the wealth in the country.
 

feng

New Member
In the 1% you will find politicians and bank owners, so I do not think that it will happen.
Also I am not sure that it is a good idea.
It is attractive because it embodies the idea of social justice. However I think there are a better ways to implement this idea and it should be implemented long term for stability. Sad to see that we still have the same problem even after 15 years of civil war.
 

Nonan

Legendary Member
Orange Room Supporter
No haircut, stop banking secrecy for accounts exceeding 1M$ (or any other threshold); then apply a variable tax on the interest rate. For example 11% tax on the interest coming from first million; then 20% on the second, 30% on the second so on.

Of course; rich people can always spread their money on several accounts; but in this case they will not get high interest rates.
Sure, going forward... but in the meantime, we’re broke
 
Sure, going forward... but in the meantime, we’re broke

we are not broke; not yet.

But importing 20 billion a year has to stop.

Yaaneh a small example; is it necessary to have a personal aid at home in most of lebanon? ma fi poor people in leb that can assume this work?
 

Nonan

Legendary Member
Orange Room Supporter
No we’re not broke , we’re stolen. And everybody knows where is the money.
And what I’m suggesting is the way to get it... with the assumption that people with more than $1M on their bank account are the culprits
 

Manifesto

Legendary Member
Orange Room Supporter
Absolutely. Gebran Bassil... he’s been robbing the country blind since 1992

Yawn...here come the Gibran apologists.
There are no good FPMers. Even Nada Boustani turned out to be corrupt according to a recent report.
 

HalaMadrid

Well-Known Member
Orange Room Supporter
Not totally true. The banks are trying to apply capital control but can’t officially do it without a law / legal framework for it, hence the shenanigans.
Applying capital control would make a lot of sense in our situation. Only issue is at what threshold should they apply the haircut (eg above $1M)

Do they actually need anything more than an order from BDL? Salameh doesn't seem to want the responsibility of instituting this.
 

Nonan

Legendary Member
Orange Room Supporter
Yawn...here come the Gibran apologists.
There are no good FPMers. Even Nada Boustani turned out to be corrupt according to a recent report.
I’m not an apologist, I’m all for Killon ya3ne Killon. You said everyone knows where the stolen money is except the FPM voters. So Berri voters, Hariri voters, Geagea voters, Joumblatt voters know where the money is... and the implication of what you said that the money is not with them... you’re the one singling out FPM...I’m reminding you of the slogan of the revolution, Killon ya3ne Killon
 

HalaMadrid

Well-Known Member
Orange Room Supporter
That’s what I was told

You may well be right. I'm really not sure. My impression is that Salemeh could institute capital controls tomorrow and there would be no legal framework stopping him. He's insisting on a law through parliament because he doesn't want to be the only one blamed when it all comes crashing down.
 
Top