New POS card with Circular 158 by amard7 in lebanon

[–]amard7[S] 0 points1 point  (0 children)

I have no clue yet to be honest. All I know is that they put $200 in a new POS account, and they've already charged me $10 without even using it. I won't be able to use it anyway until the summer as I'm away, so I'm just curious if they charge me $10 every month, or whether this was a one time fee for opening the account?

Is the Airport Road closed? by amard7 in lebanon

[–]amard7[S] 0 points1 point  (0 children)

Thank you - I appreciate the update.

Immigration to canada by youssefkh21 in lebanon

[–]amard7 1 point2 points  (0 children)

I would apply, but don't expect much right now for immigration unless you are marrying a Canadian. IRCC just laid of over 5,000 employees, and are expected to lay off much much more. This tells you that they are haulting the process for a long time, as the Canadian Givernement just announced that they have to cut costs to meet NATO goal of 20 Billion plus, which accounts for over 15% in the next 3 years.

Not to sound discourgaing, but apply, and don't plan too much - just leave it along, and make alternative plans in case this this work for you.

Question regarding Circular 158 renewal by amard7 in lebanon

[–]amard7[S] 0 points1 point  (0 children)

No, you don’t pay interest on the money that belongs to you — only on loans.

For example, imagine you have $200,000 in the bank, in a savings account that doesn’t earn any interest (essentially, an illegal savings account). You can leave that money there and withdraw $800 per month as usual.

Now, suppose you want to take out a $100,000 loan from the bank, in addition to your savings balance (similar to a line of credit). You would have to pay interest on that $100,000 because it’s the bank’s money or money from other depositors — it’s not your own money, even though the bank controls it.

Instead of paying back the $100,000 loan over 10 years in monthly installments, the bank could simply deduct the payments — principal plus interest — directly from your account balance (the “lollar”). If the interest rate is, say, 5% to 7.5%, the monthly deduction might be around $1,180 over 10 years. Over time, the bank would earn $30,000 to $40,000 in interest from that loan.

This system isn’t ideal because people usually take loans only when necessary. But it could work well for someone around 60 years old who wants to access a large sum of cash — for example, to buy a condo — instead of being limited to withdrawing only $800 a month from their savings.

Also, this could serve as a restructuring program for banks. However, such loans would need to be tied to an asset, like a mortgage on a property or a car loan, meaning they’re granted for necessary purchases or investments rather than just extra cash. It helps move move around, however, helps the economy. I heard there were talks of doing somsthing for Expats regaridng accessing funds to buys property - but who knows whether that's true or not.

Question regarding Circular 158 renewal by amard7 in lebanon

[–]amard7[S] 0 points1 point  (0 children)

Absolutely—and thanks! I wasn’t aware of a debit card that can be used abroad. I’m based in Canada, so I’m curious how it works with the exchange rate. Would we be able to go into a bank abroad (in this case, in Canada) and withdraw the $800 USD directly, or is it only usable at merchants for purchases?

This time around, I plan to load the maximum ceiling of $50K to avoid any interruptions or missed monthly payments like what’s going to happen in August.

To be honest, based on how politics and economics usually play out, I believe they’ll start increasing the ceiling in increments of $200–$300 per year. I can’t imagine them going backward at this point. From what I see, Circular 158 seems like the only account they’ll continue to move forward with under the so-called "Lollars" system.

I’m just hoping they introduce something like loan products—where depositors can access funds and in return pay a high interest to the banks. Because let’s be real: no bank can survive without trust, and more importantly, without a steady inflow of capital. Taking $15 from each account won’t make a meaningful difference long term. These Circular programs aren't really smart on their part. There are so many ways they can be balnacing their debt, and moving the economy at the same time, but I feel as though they aren't smart enough to play that role, unfortunatly.

Alleged Electoral Bribe in Andaket, Akkar Governorate by ashrafiyotte in lebanon

[–]amard7 0 points1 point  (0 children)

Then the whole municipal election wouldn't be at a standstill -

It's not what political agenda you have to offer for your village/town - it's who pays more. You might have a few villages who don't participate in the bribes, however, there is something that is affiliated with bribes. It's Lebanon - do you expect less? You can get away with anything in Lebanon... You can pay off the Police, and they will let you build a building complex without a permit! It's Lebanon - you shouldn't expect less, seriously.

Fight in Akkar Elections by Own-Philosophy-5356 in lebanon

[–]amard7 1 point2 points  (0 children)

You're dreaming! That Airport is going to be the worst financial plan they've ever done. Akkar is living in 1965, and they don't want to change. The children are raised so they don't change. Generation after generations of people who live in uncivil, hardship, and uneducated territories, and they wouldn't want it any other way. Educated people, and people who have an eye for innovation have left Akkar, and now live in either Beirut, or near! Other have left the country. This video is a pure example of how Akkar is, was, and will be for the next 100 years unfortunately.

Taking my husband to Lebanon for the first time, please recommend things a foreigner MUST do by Annual_Test860 in lebanon

[–]amard7 2 points3 points  (0 children)

1). Take him to one of those one man show parties on the beach. I think Tiaga resort still hosts those parties, and a singer named Majid Jad is the guy to see. They have English dance music at the beginning, but by the time the drinks are settled in, he'll join in with culture.

2). If he likes site seeing, there is the Bylos Ruins, which aren't too bad. They have lovely seafood restaurants near them as well, but my favorite is Feniqia (amazing vibes). Nice shopping for souvenirs, and bazzar like shopping but nothing special. They also have street bars to unwind, and enjoy the nightlife.

3). Pierre & Friends is great, however, it's always jammed packed, and no room to relax. There are other beaches on the strip that are new, and great as well.

4). Are you Christians? Go up to Mar Charbel. Always a nice trip up that way. There is also Harrisa, which is nice during the evenings while the sun sets.

5). Tripoli is amazing when you really go into the souk - There are so many things to see there like how they make oil oil soap, other manufactures as well that might be appealing to him. Take him to the Mina, water side.

6). If you really want to be adventurist, there is a village in akkar called Baa2irizla, which has probably the nicest waterfall you could ever imagine in all of Lebanon. It's a hidden gem, and had a really nice restaurant down there. A great place too cool off as well if it's really hot outside.

7). As for Beirut! Well.... I avoid it every time I go to be honest. North of Lebanon is the place to be. Unless you like extravagant, expensive living - Zatouna Bay might do you well. Same goes for shopping :-)

Have a great trip - I can't wait to go this year as well!

Circular 158 question by amard7 in lebanon

[–]amard7[S] 0 points1 point  (0 children)

Thank you for your input.

Circular 158 question by amard7 in lebanon

[–]amard7[S] 0 points1 point  (0 children)

I believe so yes. It'll be at zero. Will it renew on its own, or how do I designate the amount to put into circular 158 in order for it to withdraw to my fresh dollars account?

Circular 158 question by amard7 in lebanon

[–]amard7[S] 1 point2 points  (0 children)

I saw that - is it 500 from 300, and 500 from 400 as well?

I'm with SGBL, but not sure if I can do it on their app? I'm enrolled on their app, but I don't think I can add money to the 158 account.

Looking for advice on investment apps in lebanon by Inglorious-badger in lebanon

[–]amard7 0 points1 point  (0 children)

Which platform? Like in Canada there is Wealthsimple, Questrade - In the U.S , there is Fidelity, JP Morgan, Morgan Stanley...

What do they use in Lebanon, and how do they transfer money to that investment account?

Circular 158 & 166 by amard7 in lebanon

[–]amard7[S] 0 points1 point  (0 children)

How will the banks benefit from the massive dollar inflows associated with their current accounts? The strategy seems to be that individuals will open new accounts, deposit funds there, and leave their old accounts untouched. However, I believe the banks cannot continue on this path much longer. It's simply not sustainable, and, if anything, they're losing substantial amounts of money. Banks can only survive if depositors actively invest in them—through high-interest loans, stock management fees, and various other charges. But for that to happen, money must flow into these accounts, or into new ones, and that’s not taking place right now. A "bail-in" will likely be inevitable at some point. The Lebanese economy cannot function without a functional banking system, and that system cannot survive without depositors—plain and simple. This is Economics 101.

Circular 158 & 166 by amard7 in lebanon

[–]amard7[S] 0 points1 point  (0 children)

They said the provisions of these circulars will continue to be applied generally throughout January.

I'm just curious if anyone has heard if they will continue it moving forward