Lebanon ATMs Spitting Back Bank Cards

Discussion in 'Currencies' started by GoldenEye, Nov 25, 2019.

  1. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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  2. 66rounds

    66rounds Well-Known Member Silver Stacker

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    I have distant relatives in Tripoli and Beirut. Aside from the curfews and military on the street, they are now unable to withdraw more than $100 USD per week per family (not per individual, or per account). All foreign money transfers have been blocked. Shops are open for only one hour a day for people to buy groceries. If a revolution doesn't pop off soon I would be very surprised.
     
  3. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Corruption and nepotism are so deeply engrossed in Lebanese society that it will take civil war to fix anything. It is so bad that there are more Lebanese people in Brazil and Australia than Lebanon itself. this liquidity crisis has been caused by individual greed, such as when Saad Hariri the Lebanese PM gifts South African models with hundreds of thousands earned from Dodgy contracting and favours for friends.
     
  4. madaw1

    madaw1 Well-Known Member

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    This is very,very sad story-we are complaining sometimes about our lives in Australia...
     
  5. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Saw this in ZH, read up on it. Interesting to see a peg between Lebanese pound and usd.
     
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  6. 66rounds

    66rounds Well-Known Member Silver Stacker

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    1:100 official peg rate but now private currency trading due to restrictions has it closer to 1:200
     
  7. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    Food and Cash are king at this early stage.
     
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  8. SilverDJ

    SilverDJ Well-Known Member

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    Sounds like in this situation you'd have a hard time finding someone to convert gold and silver into cash as well?
     
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  9. Freaksta

    Freaksta Member

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    That's the way I would see it, you going to need cash to buy day to day goods (at inflated prices), gold and silver might be useful to trade for some higher value goods but I think this will be pretty limited.
     
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  10. SilverDJ

    SilverDJ Well-Known Member

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    Metal would be handy for the long term once the economy comes out the other side and starts again. Some of your wealth would be preserved regardless of what happened to your local fiat.
     
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  11. Aurora et luna

    Aurora et luna Well-Known Member Silver Stacker

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    Assuming you have a decent stack, it's only 450 kilometres from Beirut to Tel Aviv by car to trade your gold for $US.
    Or just take a short flight to Instanbul
     
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  12. openeyes

    openeyes Well-Known Member Silver Stacker

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    You could probably buy gold at good prices. You just need USD to pay for it.
     
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  13. 66rounds

    66rounds Well-Known Member Silver Stacker

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    This is the common method normally, but when you combine it with curfews and travel restrictions you get a fat value of zero for your metals which 99% of the population could never afford anyway.
     
  14. Slimey

    Slimey Active Member

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    There is no substitute for a handful of greenbacks in this situation.
     
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  15. Slimey

    Slimey Active Member

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    Anyway, I can’t understand what all the kerfalafel is about!
     
  16. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    In such a situation, having some cash in PayPal might actually be useful.
     
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  17. alor

    alor Well-Known Member Silver Stacker

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    sometimes having green paper comes with fangs, your hand holding it make you a traitor at the location
    can be due to jealousy or government edicts
    virtual banks help provided you can get outside the border, funding it with credit card before the event
     
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  18. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    I keep a couple of months food at home so could take to the mattresses until it blows over. Though I must admit that my food for sex policy might see me depleted by the end of the week.
     
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  19. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    I've been reading up on the relatively high cost of living in Beirut vs income. This is very strange?
     

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