Pretty much the rats are now leaving a sinking ship. In any decent or indecent country, banks in a financial state like the Lebanese banks would be declared insolvent and shut down. The only reason this hasn't been done here is how can you tell the hundreds of thousands of Lebanese all their wealth has evaporated in full. The banking system in Lebanon is dead and what everyone is waiting for is for the announcement on the radio. Who could have imagined a year ago the country would unravel so quickly? Even I couldnt see the speed of it even though I knew it was coming. And to think we are only in the first three months of a thirty year journey is frightening.
Eh khalas, inHallit. We don’t need the audit anymoreits even lower to about 7000-7300...
تدهور سعر صرف الدولار في السوق السوداء ليسجل 8000 للمبيع و 8100 لشراء، 3800 ليرة للتحويلات من الخارج، 3850 مبيع و 3900 شراء عند الصرافين
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تدهور للدولار في السوق السوداء .. كم بلغ
تدهور سعر صرف الدولار في السوق السوداء ليسجل 8000 للمبيع و 8100 لشراء، 3800 ليرة للتحويلات من الخارج، 3850 مبيع و 3900 شراء عند الصرافينwww.tayyar.org
The only reason the utilities are government owned even in the staunchest Capitalistic economies is that this technology can be best leverage by the the economy of scale. So water and hydro even in the US are serviced by the state. a small generator in a neighbourhood is way less efficient than a utility... but in Lebanon the state cannot function so these guys mushroomed to fill a gap that the state could not fill.Just got my generator bill, and they're charging 650 L.L/kWh, plus they increased the base fixed price per amperage!
If you do the math, that's basically the equivalent of paying $0.43/kWh for the non-dollar holder, which would imply we have the most expensive electrical supply service on the planet, even surpassing the price of electricity in the most expensive countries like Denmark or Germany!
I just hope this kWh price is a one time result of the crazy diesel supply story back in July and that it will go down for this month, but I'm not so optimistic these days.
A brilliant conclusion. If only it weren't in hindsight.We Lebanese Thought We Could Survive Anything. We Were Wrong.
The myth of their resilience helped the Lebanese function despite a miserably corrupt and inept state. No longer.
By Lina Mounzer
But the protests late last year were evidence that refusing to accept resilience is also a refusal to accept the conditions that made it necessary for us to rely on the idea in the first place. A refusal to find private solutions to problems that should rightfully be solved by the state. If things seem bleak now, at least there is this: We have finally come to recognize that a myth is poor consolation for a half-lived life, no matter how attractive that myth might be.
Lina Mounzer is a Lebanese writer and translator.
NYTimes
This is specifically why I mentioned "non-dollar holder". Yes, for the people who were smart enough to convert all their Liras to Dollars before capital controls and the start of the crisis, and also for expatriates coming back/visiting with foreign cash in their accounts, then it's super cheap, but on the other side of the fence lies a huge portion of the population who were earning nothing but Lebanese Liras and their livelihoods have been demolished by the 80% devaluation. So as much as I wants to say "wow we're really so lucky to have such a cheap rate for x/y/z since $1 = 8000 L.L", this doesn't apply here unless everyone in the country suddenly had dollars.By the way you used 1,500 a rate while if you use the real rate of 8000 the number is really low is like 8 cents KWhr which is in line with the cheapest rate in the world. For example The average price in California is 16.7 cents per kWh
Well in this case look at Kenya their GDP per capita is 1000$ their price is 22c per kwhr.This is specifically why I mentioned "non-dollar holder". Yes, for the people who were smart enough to convert all their Liras to Dollars before capital controls and the start of the crisis, and also for expatriates coming back/visiting with foreign cash in their accounts, then it's super cheap, but on the other side of the fence lies a huge portion of the population who were earning nothing but Lebanese Liras and their livelihoods have been demolished by the 80% devaluation. So as much as I wants to say "wow we're really so lucky to have such a cheap rate for x/y/z since $1 = 8000 L.L", this doesn't apply here unless everyone in the country suddenly had dollars.