note Dual exchange rate system (Sayrafa) in effect as of June 2021
The pound or lira (Arabic: ليرة لبنانيةlīra Libnāniyya; French: livre libanaise; abbreviation: LL[2] in Latin, ل.ل. in Arabic, historically also £L,[3]ISO code: LBP) is the currency of Lebanon. It was formerly divided into 100 piastres (or qirsh in Arabic) but because of high inflation during the Lebanese Civil War (1975–1990) the use of subunits was discontinued.
The plural form of lira, as used in relation to the currency, is either lirat (ليرات līrāt) or invariant, whilst there were four forms for qirsh: the dualqirshān (قرشان) used with number 2, the plural qurush (قروش) used with numbers 3–10, the accusative singular qirshan (قرشا) used with 11–99, and the genitive singular qirshi (قرش) used with multiples of 100. The number determines which plural form is used. Before World War II, the Arabic spelling of the subdivision was غرش (girsh). All of Lebanon's coins and banknotes are bilingual in Arabic and French.
Until World War I, the Turkish pound was the currency used in the area. In 1918, after the fall of the Ottoman Empire, the Egyptian pound was used. Upon gaining control of Syria and Lebanon, the French replaced the Egyptian pound with a new currency for Syria and Lebanon, the Syrian pound, which was linked to the franc at a value of LS1 = 20F. Lebanon issued its own coins from 1924 and banknotes from 1950.[citation needed] In 1939, the Lebanese currency was officially separated from that of Syria, though it was still linked to the French franc and remained interchangeable with Syrian money. In 1941, following France's defeat by Nazi Germany, the currency was linked instead to sterling at a rate of LL8.83 = GBP1.00[7] A link to the French franc was restored after the war, but was abandoned in 1949.
During the Civil War, the value decreased rapidly until 1992, when one US dollar was worth over LL2,500. Subsequently, the value increased again, and since December 1997 the official rate has been fixed at LL1,507.50 = USD1.00[4]
In August 2019, pressure on the fixed exchange rate with the US dollar started, creating a parallel market rate.[citation needed] In March 2021, the black market rate in Beirut was LL10,000 = USD1.00[11] By July 2021, it was around LL24,000 to the dollar.[12] On 26 May 2022, the value of the Lebanese pound dropped in the black market to LL35,600 against the US dollar, its lowest value ever, despite the recently held general elections.[13]
On 10 May 2021 the Lebanese Central Bank (BDL) announced the launch of the “Sayrafa” platform, an electronic platform intended to record all Lebanese Pounds foreign exchange transactions and identify the exchange rates at any point in time.[14] The platform was launched in June 2021, and as of August 2022, the sayrafa exchange rate is around 20% less than the unofficial black market rate.[15] From 1 February 2022 the Sayrafa rate became the official US dollar to lira exchange rate for all credit card transactions.[16]
Coins
Lebanon's first coins were issued in 1924 in denominations of 2 and 5 piastres (p). Later issues did not include the word "syriennes" and were in denominations of 1⁄2p, 1p, 2p, 2+1⁄2p, 5p, 10p, 25p and 50p. During World War II, rather crudely made 1⁄2p, 1p and 2+1⁄2p coins were issued. Before the war all coins were minted in Paris.[17]
After the war, the Arabic spelling was changed from girsh (غرش) to qirsh (قرش). Coins were issued in the period 1952 to 1986 in denominations of 1p, 2+1⁄2p, 5p, 10p, 25p, 50p and LL1. No coins were issued between 1986 and 1994, when the current series of coins was introduced.
This section needs expansionwith: Obverse and Reverse presentations on the listed notes. You can help by adding to it. (November 2019)
LL100 note of the 1964 series
Lebanon's first banknotes were issued by the Banque de Syrie et du Grand-Liban (Bank of Syria and Greater Lebanon) in 1925. Denominations ran from 25 piastres through to LL100. In 1939, the bank's name was changed to the Bank of Syria and Lebanon. The first LL250 notes appeared that year. Between 1942 and 1950, the government issued "small change" notes in denominations of 5p, 10p, 25p and 50p. After 1945, the Bank of Syria and Lebanon continued to issue paper money for Lebanon but the notes were denominated specifically in "Lebanese pounds" (ليرة لبنانية, livre libanaise) to distinguish them from Syrian notes. Notes for LL1, LL5, LL10, LL25, LL50 and LL100 were issued.
The Banque du Liban (Bank of Lebanon) was established by the Code of Money and Credit on 1 April 1964.[20] On 1 August 1963 decree No. 13.513 of the "Law of References: Banque Du Liban 23 Money and Credit" granted the Bank of Lebanon the sole right to issue notes in denominations of LL1, LL5, LL10, LL25, LL50, LL100, and LL250, expressed in Arabic on the front, and French on the back. Higher denominations were issued in the 1980s and 1990s as inflation drastically reduced the currency's value.
All current notes feature an Arabic side with the value in Arabic script numerals of large size. The other side is in French with the serial number in both Arabic and Latin script and in bar code below the latter one.
Devaluation
On 1 February 2023, the Central Bank formally devalued the lira by 90%: as of February 2023[update], the official government rate is LBP15,000 per USD 1.00.[6]
Since September 2019, the exchange rate had forked into multiple distinct rates due to Lebanon's banking sector collapse. Within six months, five distinct Lebanese pound rates were defined against the US dollar, officially and unofficially. They were valued at:
From December 1997 through January 2023, the exchange rate was been fixed at LL1,507.50 per US dollar.[4] That official rate had been pegged for over 25 years, but since Lebanon's financial crisis of 2019 it became effectively obsolete. The official rate has been increased 10 times as of 1 February 2023 as per decision of BDL to reach LBP15,000 per USD1.00 [22]
The parallel (or black) market rate is significantly higher than the official exchange rate.
Lollar
A Lollar is a Lebanese dollar, or a US dollar which is stuck in the banking system, really just a computer entry with no corresponding currency.
Dan Azzi
The "lollar" is a deposit denominated in US dollars in the Lebanese banking system. It is a nominal balance stuck or frozen in the Lebanese banks, with currency value simply as a computer entry. The lollar is not a tangible currency, but is a concept of an outstanding deposit in US dollars in Lebanese banks that can only be withdrawn in Lebanese pounds at a very reduced set rate[25] and considerably lower than the highly speculative black market rate which is multiple times higher. There are also limits put on the total amount that can be withdrawn on the lollars.[26] The term was coined by Harvard University economic fellow Dan Azzi[27] after the Lebanese banks suffered serious difficulties and restricted the amount of US dollars and other foreign currencies they could pay to their depositors.
The Australian dollar is the currency of Australia, including its external territories: Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. It is officially used as currency by three independent Pacific Island states: Kiribati, Nauru, and Tuvalu. It is legal tender in Australia. Within Australia, it is almost always abbreviated with the dollar sign ($), with A$ or AU$ sometimes used to distinguish it from other dollar-denominated currencies. The $ symbol precedes the amount. It is subdivided into 100 cents.
The baht is the official currency of Thailand. It is divided into 100 satang. The issuance of currency is the responsibility of the Bank of Thailand. SWIFT ranked the Thai baht as the 10th-most-frequently used world payment currency as of January 2019.
The New Zealand dollar is the official currency and legal tender of New Zealand, the Cook Islands, Niue, the Ross Dependency, Tokelau, and a British territory, the Pitcairn Islands. Within New Zealand, it is almost always abbreviated with the dollar sign ($). "$NZ" or "NZ$" are sometimes used when necessary to distinguish it from other dollar-denominated currencies.
The new Israeli shekel, also known as simply the Israeli shekel, is the currency of Israel and is also used as a legal tender in the Palestinian territories of the West Bank and the Gaza Strip. The new shekel is divided into 100 agorot. The new shekel has been in use since 1 January 1986, when it replaced the hyperinflated old shekel at a ratio of 1000:1.
The cedi is the unit of currency of Ghana. It is the fourth historical and only current legal tender in the Republic of Ghana. One cedi is divided into one hundred pesewas (Gp).
The Malaysian ringgit is the currency of Malaysia. It is divided into 100 sen. The ringgit is issued by the Central Bank of Malaysia.
The bolívar[boˈli.β̞aɾ] is the official currency of Venezuela. Named after the hero of Latin American independence Simón Bolívar, it was introduced following the monetary reform in 1879, before which the venezolano was circulating. Due to its decade-long reliance on silver and gold standards, and then on a peg to the United States dollar, it was considered among the most stable currencies and was internationally accepted until 1964, when the government decided to adopt a floating exchange rate instead.
The Jordanian dinar has been the currency of Jordan since 1950. The dinar is divided into 10 dirhams, 100 qirsh or 1000 fulus. It is pegged to the US dollar.
The Syrian pound or lira is the currency of Syria. It is issued by the Central Bank of Syria. The pound is nominally divided into 100 piastres, although piastre coins are no longer issued.
The lira or pound was the currency of Malta from 1972 until 31 December 2007. One lira was divided into 100 cents, each of 10 mils. After 1986 the lira was abbreviated as Lm, although the original £M sign continued to be used unofficially. In English the currency was still frequently called the pound even after its official English language name was changed to lira.
The rial is the official currency of Iran.
The lira was the currency of Italy between 1861 and 2002. It was first introduced by the Napoleonic Kingdom of Italy in 1807 at par with the French franc, and was subsequently adopted by the different states that would eventually form the Kingdom of Italy in 1861. It was subdivided into 100 centesimi, which means "hundredths" or "cents". The lira was also the currency of the Albanian Kingdom from 1941 to 1943.
The Cuban peso also known as moneda nacional, is the official currency of Cuba.
The lira is the official currency of Turkey and Northern Cyprus. One lira is divided into one hundred kuruş.
The dinar is the monetary currency of Algeria and it is subdivided into 100 centimes. Centimes are now obsolete due to their extremely low value.
The dinar is the currency of Bahrain. It is divided into 1000 fils (فلس). The Bahraini dinar is abbreviated د.ب (Arabic) or BD (Latin). It is usually represented with three decimal places denoting the fils.
The Sudanese pound is the currency of the Republic of the Sudan. The pound is divided into 100 piastres. It is issued by the Central Bank of Sudan.
Banque du Liban is the central bank of Lebanon. It was established on August 1, 1963, and became fully operational on April 1, 1964. It is currently headed by Riad Salameh.
The Lebanese liquidity crisis is an ongoing financial crisis affecting Lebanon, that became fully apparent in August 2019, and was further exacerbated by both the COVID-19 pandemic in Lebanon and the 2020 Beirut port explosion. The roots of the crisis run deep and the country experienced liquidity shortages in the years prior to 2019 but the full extent of the fragility of the economy were concealed by the financial engineering of the governor of the central bank. Lebanon's crisis was worsened by U.S. sanctions targeting Syria's government and Iran-backed Hezbollah.
Banking in Syria is controlled by the Central Bank of Syria which also controls all foreign exchange and trade transactions. All commercial banks in Syria were nationalised in 1966. The Central Bank gives priority to lending to the public sector, while the private sector often banks abroad, a process that is more expensive and therefore a poor solution to industrial financing needs. Many business people travel abroad to deposit or borrow funds. It is estimated that US$6 billion has been deposited by Syrians in Lebanese banks.
↑ Middle East International No 277,278, 13,27 June 1986 Publishers Lord Mayhew, Dennis Walters MP; Jim Muir pp.4-6,7-8. Muir uses the words 'unthinkable' & 'incredible'.
↑ Middle East International No 315, 19 December 1987; Jim Muir pp.6-7
↑ Middle East International No 291, 9 January 1989; Jim Muir p.4
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Lebanon 
