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By Fatima Al Mahmoud — thenationalnews.com — Lebanon’s economic crisis may have put a cap on people’s foreign-currency deposits, but not their creativity. Lbnb, Lebanon’s answer to Airbnb, was created by hospitality designer and architect Nagi El Husseini, 43, to salvage the hard-hit services sector. While the online platform looks a lot like the international equivalent, it charges in Lebanese pounds and serves as a marketplace for homestays, holiday rentals and tourism.
Lbnb’s Lebanese pound denomination gets around the limits on foreign currency cash withdrawals and online spending imposed by Lebanese banks. The restrictions came into effect in the summer of 2019 as Lebanon’s economic crisis began – the value of the Lebanese pound lost more than 80 per cent of its value in a matter of weeks, banks halted withdrawals and limited spending in foreign currencies. US dollars – once used in tandem with the pound – became scarce as the country’s foreign reserves dried up. “Because of the financial crisis, people could not use Airbnb anymore,” Mr El Husseini told The National. “So we created a Lebanese Airbnb where everything is in Lebanese.” The goal, Mr El Husseini said, is to encourage property owners who have spare rooms or houses to put them up for rent and earn a side income. The platform also aims to promote local travel in major Lebanese cities and offbeat villages. “Our motto is travel local, pay local,” he said. “We’re not competing with Airbnb. We’re complementing it and trying to fill the gaps in the market.”





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