Lebanese Pound (LBP)

Basic Concepts of the Lebanese Pound

The Lebanese pound is the official currency of Lebanon, with the international standard code LBP and the symbol ل. ل. It is issued and managed by the Central Bank of Lebanon and is mainly used for daily domestic transactions and international settlements.

Country of use

The Lebanese Pound circulates and is used only within the Republic of Lebanon. As the legal tender of the country, it covers all areas of the economy, including commerce, finance and government payments.

Unit and denomination

The Lebanese Pound's secondary unit of currency is the Piastre, with 1 Lebanese Pound equaling 100 Piastres. Bill denominations include 1000, 5000, 10000, 20000, 50000 and 100000 pounds, while coin denominations include 250 and 500 pounds, among others. Due to high inflation, smaller denominations have been used less frequently.

Historical Background

Introduced in 1924, the Lebanese pound was initially pegged to the French franc and later had a fixed exchange rate with the US dollar. Affected by the civil war and economic crisis, the exchange rate has fluctuated significantly since 2019 and the currency has been severely devalued, leading to increased inflation and socio-economic challenges in the country.