2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
The current currency of Lebanon is called the pound. This currency is little known outside the country. It is not in high demand among traders. But tourists who want to come to Lebanon need to know about the Lebanese pound.
Description
The international code designation consists of three letters LBP. Previously, one Lebanese pound contained 100 piastres, but due to high inflation rates, such a division had to be abandoned. Bank of Lebanon is in charge of issuing banknotes.
Now in the country there are metal coins in denominations of 25, 50, 100, 250 and 500 pounds. Paper notes in denominations of 1000, 5000, 10 thousand, 20 thousand, 50 and 100 thousand pounds are also widely used.
Coins are made from nickel, brass and bronze. The 25-pound coin is minted from nickel-plated steel. The inscriptions on all the money in the country are printed in Arabic, previously duplicated in French, since the state was under the auspices of France for several decades.
History of Lebanese currency
During the period when the country was part of the Ottoman Empire, as a means of paymentTurkish pound was used. After the defeat of the Ottomans in the First World War and the collapse of the empire in 1918, Lebanon was ceded to France. The Syrian pound began to be used throughout the country, and the French pound was used as a secondary state currency.
In 1943, the Middle Eastern country gained independence from France. The government of the newly-made republic agreed with the leadership of the former metropolis on the use of the French franc. Five years later, as a result of financial reform, the Lebanese pound was introduced into circulation. This currency is still used on the territory of the state.
The rate of the Lebanese pound against the ruble and other currencies
The Lebanese currency is one of the cheapest in the world. Moreover, it continues to lose value due to problems in the economy. As of October 7, 2018, the Lebanese currency rate against the ruble is approximately 0.04. That is, you can get about 4 kopecks for one pound. One ruble contains almost 23 LBP.
When compared with the US dollar, the situation is even more deplorable. One USD contains approximately one and a half thousand LBP. That is, for one pound they give about 0.0006 dollars.
Similar situation with other world currencies: euro, British pounds.
Exchange operations and cashless payments
Lebanon is a fairly modern country, so there are no special problems with cashless payments. Cards are accepted in large stores, restaurants, hotels and shopping centers. However, pay by bank transfer in the city market, in a taxi or streeteateries will be more difficult. Enough cash needs to be prepared.
Finding an ATM to withdraw money in a big city is not difficult. But outside of tourist routes, it is almost impossible to do this.
It is best to come to the country with US dollars or euros. Other banknotes will be more difficult to change. In some banks, exchangers work with the currencies of neighboring Arab countries. It is undesirable to take rubles with you, since it is extremely difficult to find a place where you will change the Russian currency. It also makes no sense to come with money from other countries of the world, for example, yuan or Canadian dollars, since local banks and exchange offices do not work with them. Even if you manage to find a place where you can exchange money that is rare for this country, the commission for such an operation will be very high.
It is recommended that you always carry enough local cash with you. Credit cards are not accepted everywhere, and there is often nowhere to withdraw money.
Conclusion
Lebanese currency is popularly referred to as the lira or livre by analogy with neighboring Turkey. Historical factors also played a role in this. Despite the fact that the state is quite stable economically, the war in neighboring Syria has a strong impact on the position of Lebanon. In particular, because of this, the exchange rate of the national currency is declining rapidly.
Here also affects the lack of a strong industry and popularity among tourists. The government of the country and big business are doing everything possible to strengthen the financial position of the state. One of the priority areas is tourism, which can favorably affect the value of the official currency of the republic, strengthen it.
Recommended:
The UK's only national currency: the British pound
The world community does not include many countries whose monetary system has been based on the issue of the same currency for decades. Great Britain occupies the leading position in the list of such powers. For more than eleven centuries, gentlemen from the Old World have kept the English pound in their wallets
The Syrian pound is the national currency of Syria
The article tells about the national currency of Syria, which is called the Syrian pound. Collected information about the history of the banknote, its description, the exchange rate against other world currencies, exchange transactions and interesting facts
Currency of Ireland: from pound to euro
Today, Ireland's currency is the euro. However, this was not always the case. What changes has the national currency of this country undergone?
The currency of Afghanistan: the history of the currency. Curious information about the currency
Afghan currency Afghani has almost a century of history, which will be discussed in this material
What is a currency? Russian currency. Dollar currency
What is the state currency? What does currency turnover mean? What needs to be done to make the Russian currency freely convertible? What currencies are classified as world currencies? Why do I need a currency converter and where can I find it? We answer these and other questions in the article
