The State of the Lebanese Pound

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    Ralph N

    Well-Known Member
    Guys does any one knows if the banks will pay dollars in the coming period specially the salaries?!!!
    Is it a part of the agreement between عويدات؟
     
    SoFP1

    SoFP1

    The Chosen One
    Orange Room Supporter
    Guys does any one knows if the banks will pay dollars in the coming period specially the salaries?!!!
    Is it a part of the agreement between عويدات؟
    NO way. They pay in LBP in full. They used to divide them up (in LBP) over a few weeks.
     
    R

    Ralph N

    Well-Known Member
    NO way. They pay in LBP in full. They used to divide them up (in LBP) over a few weeks.
    So whats going to happen? if someone has dollars and outside the dollar is 2500 and in the banks its 1500?!!How long will this continue?
     
    Danny Z

    Danny Z

    Legendary Member
    How does this achieve anything when exchange offices are refusing to sell people USD outright? They're just stockpiling USD on the cheap!
    Not really, do you really think they are not selling it outside of the open offices and at a price that matches the offer and demand? They are just not nakabet el sarrafin.
     
    I

    illusion84

    Member
    Just a question; is it better to have our bank accounts in LOLAR or LBP is better?
     
    dyyyy

    dyyyy

    Well-Known Member
    So whats going to happen? if someone has dollars and outside the dollar is 2500 and in the banks its 1500?!!How long will this continue?
    Until they get the missing 30 billion dollars from people paying this 1000LL Tax on each 1$ .
    So if they don't do any official haircut it should last around 6 to 7 years.
     
    dyyyy

    dyyyy

    Well-Known Member
    How does this achieve anything when exchange offices are refusing to sell people USD outright? They're just stockpiling USD on the cheap!
    You're right, the problem is that they agreed to buy it at 2000, but they will still sell it at 2800...Making it sound like they're being the good guys by following the loaw
     
    LEBANESE-CIA

    LEBANESE-CIA

    Legendary Member
    I have been informed by bank manager if I am willing to covert my L.L to dollars at a rate of 1517
    But he requested to freeze them for 2 years period and at 5% on the dollar.

    What do you think guys. Knowing the official lira price will devaluate and become like the secondary market price.
     
    Dr. Strangelove

    Dr. Strangelove

    Nuclear War Expert
    Staff member
    I have been informed by bank manager if I am willing to covert my L.L to dollars at a rate of 1517
    But he requested to freeze them for 2 years period and at 5% on the dollar.

    What do you think guys. Knowing the official lira price will devaluate and become like the secondary market price.
    The Lira seems to be destined to devaluate, but Wazni said something today about maintaining the official rate "for the forseeable future", or something like that.

    Take that as you like.
     
    LEBANESE-CIA

    LEBANESE-CIA

    Legendary Member
    The Lira seems to be destined to devaluate, but Wazni said something today about maintaining the official rate "for the forseeable future", or something like that.

    Take that as you like.
    So if it devaluate and I have them in dollars this way I protect the value of the fund.
    If I have them in dollars and the exchange rate stays the same as you mentioned above then there is no loss.

    If I maintain lira at present official rate you still can’t get dollar at official rate but at secondary market rate, so wazni is taking the public for dumb.
     
    dyyyy

    dyyyy

    Well-Known Member
    I have been informed by bank manager if I am willing to covert my L.L to dollars at a rate of 1517
    But he requested to freeze them for 2 years period and at 5% on the dollar.

    What do you think guys. Knowing the official lira price will devaluate and become like the secondary market price.
    This sounds too good to be true, You have to think why is proposing this to you, what's his benefit? i doubt it's just so he can freeze them for 2 years (since he's taking them in LBP) is this on existing account or cash?
     
    LEBANESE-CIA

    LEBANESE-CIA

    Legendary Member
    This sounds too good to be true, You have to think why is proposing this to you, what's his benefit? i doubt it's just so he can freeze them for 2 years (since he's taking them in LBP) is this on existing account or cash?
    On existing account in L.L ( big amount)
    What are you thinking? What are the pros and cons in that?
     
    Dr. Strangelove

    Dr. Strangelove

    Nuclear War Expert
    Staff member
    This sounds too good to be true, You have to think why is proposing this to you, what's his benefit? i doubt it's just so he can freeze them for 2 years (since he's taking them in LBP) is this on existing account or cash?
    I'm not sure a 2 year freeze is "too good to be true". 2 years is a lot of time, and I've heard it being proposed to depositors before.
    The only con is the obvious one: you can't use the money until it's "thawed". Otherwise, the value will be preserved regardless of what happens with the official rate, and it was made clear the other day by the central bank (I think) that forcing depositors' accounts from USD to LBP is out of the question.
     
    I

    illusion84

    Member
    how are they giving you 5% ? I got this rate 5 months ago for 1 year freeze; but that's before lowering the interest rate by BDL!

    Now they are not accepting to change more than 10,000 $, with a freeze of 6 months and 1% interest.

    Whatever it is ; freezes or not you can not use them in the foreseeable future.

    That's why I'm keeping a portion in LBP.
     
    LEBANESE-CIA

    LEBANESE-CIA

    Legendary Member
    how are they giving you 5% ? I got this rate 5 months ago for 1 year freeze; but that's before lowering the interest rate by BDL!

    Now they are not accepting to change more than 10,000 $, with a freeze of 6 months and 1% interest.

    Whatever it is ; freezes or not you can not use them in the foreseeable future.

    That's why I'm keeping a portion in LBP.
    I got higher rate at 7 % few months back for 18 months but I refused to convert.

    Depends on the amount they give 5% now.
    I am not giving cash I am converting existing account from L.L to dollars.
    2 years fixed , I don’t need to use them now. but the only plus is shielding it from devaluation .
    Of course I keep 3 years budget in L.L.

    It is a tricky decision in the unknown.
     
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