I am currently in Lebanon, where the local currency “Lebanese Pound” is fixed at a rate of 1507LBP/USD
As the rate is fixed at 1507, all shops that I´ve ever been to accept USD in cash at a rate of 1500. Most shops can also transact credit card payments in USD. When doing the latter, they equally apply a rate of 1500.
I paid something in LBP with Revolut, and the applied fx-rate was 1463.121
I will now obvisouly pay in USD. Still wondering how this can happen as the fx-rate is fixed, thus there should be no problem in dealing with this at better rates.
I did read the article about illiquid currencies, such as the RUB, but that shouldn’t apply here?!