Lebanese pound

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Lebanese pound ليرة لبنانية (Arabic) livre libanaise (French)
ISO 4217 Code	LBP
User(s)	Lebanon
Inflation	5.6%
Source	The World Factbook, 2007 est.
Pegged with	U.S. dollar = 1507.5 pounds
Subunit
1/100	piastre
Symbol	ل.ل
Coins	50, 100, 250, 500 pounds
Banknotes	1000, 5000, 10 000, 20 000, 50 000, 100 000 pounds
Central bank	Banque du Liban
Website	www.bdl.gov.lb

The Lebanese pound (lira in Arabic, ليرة, or livre in French) (ISO 4217: "Lebanese pound", LBP) is the currency unit of Lebanon. It is divided into 100 qirsh (Arabic, قرش) or piastres (French) but inflation has eliminated the subdivisions.

The plural form of lira, as used on the currency, is either lirat (ليرات) or the same, whilst there are four plural forms for qirsh: qirshan (قرشان), qirush (قروش), qirsha (قرشا) or the same. In both cases, the number determines which plural form is used. Note that before the Second World War, the Arabic spelling of the subdivision was غرش (girsh). All of Lebanon's coins and banknotes are bilingual in Arabic and French.

Contents 1 History 2 Coins 3 Banknotes 4 See also 5 References 6 External links

[edit] History

Before World War I, the Ottoman lira was used. After the fall of the Ottoman Empire, the currency became the Egyptian pound in 1918. 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 French franc at a value of 1 pound = 20 francs. Lebanon issued its own coins from 1924 and banknotes from 1925. 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 the British pound sterling at a rate of 8.83 Lebanese pounds = 1 pound sterling.^[1] A link to the French franc was restored after the war but was abandoned in 1949.

Before the war of 1975-1991, 1 U.S. dollar was worth 3 pounds. According to the central bank's data^[2], 1 U.S. dollar has been equal to 1507.5 pounds for the entire year of 2006.

[edit] Coins

Lebanon's first coins were issued in 1924 in denominations of 2 and 5 girush (note the different spelling to post WWII coins) with the French denominations given in "piastres syriennes" (Syrian piastres). Later issues did not include the word "syriennes" and were in denominations of ½, 1, 2, 2½, 5, 10, 25 and 50 girsha. During World War II, rather crude ½, 1 and 2½ girsh coins were issued.

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 1, 2½, 5, 10, 25 and 50 qirsh and 1 lira. No coins were issued between 1986 and 1996, when the current series of coins was introduced. Coins in current use are:^[3]

• 50 pounds
• 100 pounds
• 250 pounds
• 500 pounds

[edit] Banknotes

Lebanon's first banknotes were issued by the Bank of Syria and Greater Lebanon (Banque du Syrie et Grand-Liban) in 1925. Denominations ran from 25 girsha through to 100 pounds. In 1939, the bank's name was changed to the Bank of Syria and Lebanon. The first 250 pound notes appeared that year. Between 1942 and 1950, the government issued "small change" paper money in denominations of 5, 10, 25 and 50 girsh or qirsh (the change in spelling occurred during these years). 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, livres libanaise) to distinguish them from Syrian notes. Notes for 1, 5, 10, 25, 50 and 100 pounds were issued. In 1964, the Bank of Lebanon took over banknote production. Their notes are denominated in pounds. A 250 pound note reappeared in 1978, followed by higher denominations in the 1980s and 1990s as inflation drastically reduced the currency's value. Banknotes in current use are

• 1,000 pounds
• 5,000 pounds
• 10,000 pounds
• 20,000 pounds
• 50,000 pounds
• 100,000 pounds

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 European script and in bar code below the European script.

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[edit] See also

• Economy of Lebanon

[edit] References

[edit] External links

• Don's World Coin Gallery - Lebanon
• Ron Wise's World Paper Money - Lebanon ^{Mirror site}
• Tables of Modern Monetary Systems by Kurt Schuler - Asia ^{Mirror site}
• The Global History of Currencies - Lebanon
• Global Financial Data data series - Lebanon Pound
• Global Financial Data currency histories table ( Microsoft Excel format)

• Banque du Liban: Lebanese Banknotes

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