Today, on Sunday, March 14, 2021, the Dollar To LBP black market apps report a rate of buy 1 USD = 12,500 LBP (Lirarate.com). The Lebanese Lira currency downfall is becoming more violent and severe.
A couple of months ago, we at Liraexchange.com decided to stop posting daily and intraday currency rates since it became most clear that the black market apps are a part of one of the greatest currency manipulation schemes of all time.
They are masters at inflating the USD to LBP rate, no wonder, as most of these apps owners are currency exchangers themselves.
This conclusion did not come out of thin air. We closely monitored these application’s behavior over a period of 3 months approximately. We discovered the level of corruption and manipulation these apps reached.
To those who say that these apps have little to no effect on the Lira rate, please keep reading!
Public Sentiment Effect On Supply & Demand:
Many studies were conducted to analyze public or financial sentiment effects on various markets and fields over the years.
The studies focused on the individual’s (Investors of all levels) rationality and irrationality of decisions based on their sentiment regarding a stock, investment, and forex.
What if the masses drive a certain market sentiment?
Here comes Lebanon’s currency crisis.
The majority of the Lebanese people are so focused on the Lira rate that it became a daily discussion and action topic.
Action? You might ask. Yes, aren’t we all rushing to the exchangers begging them to exchange our Lira’s for dollars? Yes, we are, and dangerously, on a large scale.
Our decent politicians mastered the art of manipulating public sentiment.
For example, we all remember when PM-elect Saad Hariri was elected, the Lira rate gained around 3,000 LBPs VS the Dollar. The USD to LBP fell from approximately 1 USD = 9,000 LL to around 1 USD = 6,000 LL in a matter of a few days.
This resulted from someone somewhere pumping dollars into the market to artificially drop the Dollar rate, thus creating a public sentiment that led to this sudden artificial gain for the Lebanese pound.
This was also used for political purposes, one of which is to create propaganda around Saad Hariri’s benefits as prime minister.
Of course, in a matter of days, all went back to its previous state.
How Are The Black Market Apps Manipulating The Currency?
The black market Lira apps started popping in early 2020. To date, a dozen of apps and websites are running the show of providing daily exchange rates.
Long story short, the apps and websites have no governing body whatsoever, no laws, no standard of operations, no official supervision, and God knows who owns them.
Most probably, these rates providers are run by exchangers themselves. Many TV reports proved this.
But how are they manipulating everything and everyone?
After scrutiny, most of these apps work hand in hand collectively. One can not but notice that a couple of apps drive most of the other apps’ rates.
Over time, we noticed notifications sent on Sunday early morning showing and loss for the Lira! How can a Sunday 6:00 AM, witness a loss of 200 or 250 points while there is no supply nor demand? Markets, businesses, schools, and most other businesses are closed. Who is exchanging Lira for the Dollar then?
The international Forex market itself completely shuts down on weekends!
Most Lira losses were recorded on weekends, especially Saturdays night. This is done artificially by the apps to start the week ahead with an additionally inflated rate. If you have the guts to download 8 apps, go ahead do it, and watch the patterns and trends closely. Seeing is believing.
BOYCOTT Those Apps ASAP!
Boycotting these apps and websites will shake the foundation of this sick propaganda and sentiment manipulation.
These apps are the corrupt system’s tools to feed fear, false rates, and manipulate the currency.
Like it or not, these crooks are affecting our daily lives and wellbeing to the very core.
Of course, they are only a part of the problem, but a potent part. Manipulating the masses is not something of no effects; on the contrary, this is essential for them to keep us going down into “hell.”
Finally, we should all uninstall these from our phones, let them dry. I know this is not easy; that is why I urge you to share this article on a large scale with all your family, friends, and acquaintances.
Additionally, everyone should spread the word about these apps; change happens with every one of us.
Please don’t underestimate these apps’ power; they are doing serious damage to all of us.
Uninstall The Apps NOW!
To conclude, we have to uninstall those Dollar to LBP black market apps as soon as possible; we shouldn’t be part of a scam nor help these app owners make money out of ads that they force us to watch.
Keep in mind that an application with 50k active daily users can make a hefty amount of Dollars out of forcing users to watch ads!
Not only are they running a scam, but they are also being paid to do it every time you use those apps and watch ads.
Another action we can take to shake these crooks’ grounds is to report them to Google as Spammy, unregulated, providing false information, and more.
Never underestimate the potential of sending reports to Google. The giant doesn’t; look into the reports lightly. Most of the time, they may take serious actions against those apps to shut them down from the app store.
The Lebanese government can take them down in a matter of minutes, but this is most unlikely to happen for reasons known to all of us. This is also another indication of the real owners of those apps.
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