Friday, January 24, 2020

IDM converts customers' payment to Lebanese pound.

Well, here's a nice gesture - IDM is converting client payments to Lebanese Lira. Big deal? Yes. To those living under a rock, Lebanon now has two Dollar exchange rates. The official - the one that comes ftom the Central Bank (1507) and the volatile black market one (please do not be fooled by the 2000 rate that the syndicate of exchangers has fixed - Dan Azzi explains why clearly here). Now, you'll say companies are sheltered from this. Actually not true, because even CEOs have to buy things from shops and each one is behaving differently on the matter so they too - are exposed to a varying price. Which makes this gesture kind of nice to customers.