Foreign Currency Control by Banks

[theshred]

I live in Lebanon and this is my situation here:

1. My funds for immigration are in LBP (Lebanese Pounds)
2. The banks in Lebanon won't convert LBP to any foreign currency due to the current economic crisis
3. This means that I have to use exchange shops (whether in Lebanon or in Canada) to convert my money to CAD
4. Exchange shops abroad or in Lebanon are using 40% inflated rates vs the official bank rates

So my question is:

1. Is IRCC aware of this situation and which rate will they account for when calculating the currency conversion?
2. Since the CIC website clearly states that the required 12960 CAD is for settling in Canada, do I need to have enough funds for the official bank rate (although it is useless) or the exchange shops rate (which I will have to use to convert my money)?

 

[ContactFront]

You can show funds in your local currency, no need to convert to CAD.
Just make sure you have enough funds to account for fluctuation in exchange rate

 

[theshred]

You can show funds in your local currency, no need to convert to CAD.
Just make sure you have enough funds to account for fluctuation in exchange rate

thank you for your reply.

1. Do I have to write an LoE to explain that the money is enough when accounting for the exchange shop prices? (40% difference is a lot)

2. Also, my currency doesn't appear on Bank of Canada website, is that okay?

 

[ContactFront]

No need. IRCC doesn't care about how your local shops work. They use official rates.

It's fine

 

[theshred]

No need. IRCC doesn't care about how your local shops work. They use official rates.

It's fine

This worries me a bit because no matter how much LBP you have within a bank, you still can't use it to settle in Canada.

Them using this logic doesn't make very much sense. Unless, of course, they don't know what's going on in the country.

Should I rest my mind and just show enough LBP to account for whatever currency rate there is?