The lira or pound 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), subunits were discontinued.
41-568: The plural of lira is either lirat ( ليرات līrāt ) or invariant , whilst there are four forms for qirsh : the dual qirshān ( قرشان ) used with number 2, the plural qurush ( قروش ) used with numbers 3–10, the accusative singular qirshan (قرشًا) used with 11–99, and the genitive singular qirsh (قرش) used with multiples of 100. The number determines which plural form is used. All of Lebanon's coins and banknotes are bilingual in Arabic and French. From December 1997 through January 2023,
82-495: 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is not a tangible currency, but is a concept of an outstanding deposit in US dollars in Lebanese banks that can only be withdrawn in Lebanese pounds at a very reduced set rate and considerably lower than the highly speculative black market rate, which is multiple times higher. There are also limits put on the total amount that can be withdrawn on the lollars. The term
123-455: A sharp decline in the gross domestic product (GDP), which resulted in shutdown of businesses and a higher rate of unemployment. Additionally, Lebanon faced the impact of the COVID-19 pandemic, which was then followed by the devastating 2020 Beirut explosion on August 4, 2020. It resulted in the loss of thousands of lives, injuries, and the destruction of the capital city, Beirut. Transitioning to
164-518: Is in the Latin script and Western Arabic numerals . With the highest bill of LL 100,000 only worth slightly more than $ 1 ( $ 1.117 ) there have been proposals to issue a LL 500,000 and latter on a LL 1,000,000. On 1 February 2023, Lebanon lowered its official exchange rate for the first time in 25 years, reducing it by 90%. Despite this significant change, the local currency remains considerably undervalued compared to its market value. A popular saying, "There
205-415: Is no value," is commonly used to refer to the substantial price changes that have characterized daily life since late 2019. Ever since, 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: The parallel (or black) market rate
246-462: Is significantly higher than the official exchange rate. Due to extensive dollarization of the economy, which caused the circulating supply of Lebanese currency to stop growing, depreciation of the Lebanese pound was effectively halted. 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
287-710: The Banque Franco-Serbe (est. 1910). It moved on 16 May 1927 to 12, rue Roquépine. In 1939, Türkiye annexed the Hatay State , including Alexandretta (now İskenderun ) and Antioch (now Antakya ). Later on the BSL also opened branches in Daraa , Al-Hasakah , and Raqqa in Syria, as well as Baalbek and Tyre in Lebanon. The Lebanese pound was introduced in 1939 as a separate currency from
328-598: The Banque du Liban , was formed in 1963 from the issuance-linked operations of the BSL. The BSL's commercial operations were taken over by a new Lebanese entity controlled by the BPPB, the Société Nouvelle de la Banque de Syrie et du Liban (SNBSL), created on 2 April 1963, and kept operating under that brand for half a century. In the process of separation, the SNBSL secured ownership of
369-520: The Lebanese Civil War , USD 1 was worth: In 1986, the pound began falling against the dollar. On 13 June, a dollar was worth LL 36.50. Two weeks later, it was worth LL 47. During the Civil War, the currency depreciated rapidly until 1992, when one US dollar was worth over LL 2,500. Subsequently, the government attempted to peg the currency : from December 1997 until February 2023,
410-516: The Second Syrian Republic authorities withdrew the BSL's issuance privilege of the BSL, which after a three-year transition was taken by the newly established Central Bank of Syria in 1956. Later in 1956, all BSL operations in Syria were nationalized in the aftermath of the Suez Crisis , and taken over by the state-owned Commercial Bank of Syria . In Lebanon, the country's central bank,
451-549: The Syrian pound , following on earlier introduction of Syrian pound notes that included a mention of Lebanon but were interchangeable with other Syrian pound notes. Even so, the two currencies, both issued by the BSL, remained pegged to a reference currency (the French franc until 1941, then the British pound) and thus to each other until in 1948, after the two countries' independence. In 1953,
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#1733085600092492-548: The Turkish lira , the Turkish lira sign ( U+20BA ₺ TURKISH LIRA SIGN ) is used. The Lebanese lira uses £L (before numerals) or L.L. (after numerals) in Latin and ل.ل. in Arabic . The Syrian lira uses £S (before numerals) or L.S. (after numerals) in Latin and ل.س in Arabic. The Italian lira had no official sign, but the abbreviations L. and Lit. and
533-629: 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 LS 1 = 20 F. Lebanon issued its own coins from 1924 and banknotes from 1950. In 1939,
574-658: The 1890s, the BIO was instrumental in developing the Port of Beirut and the Beirut-Damascus railway and extensions in Syria. The branch was initially located inside Khan Antoun Bey [ ar ] in the Beirut Souks ; in 1892 it moved to a new building on place des canons , now Martyrs' Square ; and in 1906 to another new building in Western architectural style on the waterfront at
615-402: The 1980s and 1990s as inflation drastically reduced the currency's value. Banknotes in current use are: 2012 2008 All current notes have a French side, which uses Western Arabic numerals , and a Modern Standard Arabic side, which uses Eastern Arabic numerals . The French side has a serial numbers written in two ways: one is in Arabic script and Eastern Arabic numerals, and the other
656-619: The 19th century, the Ottoman Empire and the Eyalet of Egypt adopted the lira as their national currency, equivalent to 100 piasters or kuruş . When the Ottoman Empire collapsed between 1918 and 1922, many of the successor states retained the lira as their national currency. In some countries, such as Cyprus , which have belonged to both the Ottoman Empire and the British Empire, the words lira and pound are used interchangeably. For
697-473: The 250- and 500-pound ones. The other lower-value coins are worthless now due to hyperinflation. 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 LL 100. In 1939, the bank's name was changed to the Bank of Syria and Lebanon. The first LL 250 notes appeared that year. Between 1942 and 1950,
738-489: The French authorities granted the new bank the privilege to issue currency notes. The BIO, by then controlled by the Banque de Paris et des Pays-Bas (BPPB), transferred to the new entity its existing branches in Aleppo , Alexandretta , Beirut , Damascus , Hama , Homs , Sidon , Tripoli and Zahlé , a transaction that was only completed in late 1921. The formalization in 1923 of France's Mandate for Syria and Lebanon led to
779-407: 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 LL 8.83 = GBP1.00 A link to the French franc was restored after the war, but was abandoned in 1949. Before the third phase of
820-517: The Lebanese pound dropped in the free market to LL 111,000 against the US dollar, its lowest value ever. 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. The platform was launched in June 2021 and became
861-412: The U.S. dollar as the official currency is seen as an essential measure to address the ongoing severe crisis. Lira Lira is the name of several currency units. It is the current currency of Turkey and also the local name of the currencies of Lebanon and of Syria . It is also the name of several former currencies, including those of Italy , Malta and Israel . The term originates from
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#1733085600092902-519: The bank's first name change to Banque de Syrie et du Grand-Liban , on 5 March 1924. It eventually adopted the name Banque de Syrie et du Liban on 23 May 1939. It kept operating during World War II despite the breakdown of communication between occupied France and its Levantine mandate territories following the Syria–Lebanon campaign of June–July 1941. The bank opened new branches in Latakia in
943-679: The country's central bank, the Banque du Liban , and its commercial activity was continued as the Beirut-incorporated Société Nouvelle de la Banque de Syrie et du Liban (SNBSL). That bank came under Lebanese ownership in 1987 and was rebranded BSL Bank in 2012. The Ottoman Bank opened a branch in Beirut immediately after its creation in 1856. It was reorganized in 1863 as the Imperial Ottoman Bank , known by its French acronym BIO for Banque Impériale Ottomane . In
984-554: The early 1920s, Antioch in 1925, Deir ez-Zor in 1930, and by 1937 also had branches in Aley , Idlib , Qamishli , As-Suwayda , and Tartus . It also had a representation in Marseille at the Ottoman Bank 's branch. Its Parisian head office was initially at 16, rue Le Peletier, in a building acquired by the Banque de l'Union Parisienne in 1913, and next door to the BIO's older affiliate
1025-513: The exchange rate was fixed at LL 1,507.50 per US dollar . However, since the 2020 economic crisis in Lebanon , exchange at this rate was generally unavailable, and an informal currency market developed with much higher exchange rates. On 1 February 2023, the Central Bank reset the currency peg at LL 15,000 per US dollar. By mid-March 2023, the " parallel market " rate had fallen to LL 100,000 per dollar. Until World War I ,
1066-444: 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 LL 1, LL 5, LL 10, LL 25, LL 50 and LL 100 were issued. The Banque du Liban (Bank of Lebanon)
1107-731: The national language of both Lebanon and Syria. The lira was the currency of Italy from its unification until it was merged into the euro in 1999. A unit of currency lira had previously been used in some of the states and possessions that became Italy but their values were not necessarily equivalent. (See Luccan lira , Papal lira , Parman lira , Sardinian lira and Tuscan lira .) 2°14′N 32°54′E / 2.233°N 32.900°E / 2.233; 32.900 Banque de Syrie et du Grand-Liban The Bank of Syria and Lebanon , from 1919 to 1924 Banque de Syrie , from 1924 to 1939 Banque de Syrie et du Grand-Liban , then Banque de Syrie et du Liban ( BSL ) from 1939 to 1963,
1148-459: The northern end of the street later named Allenby Street , while the previous location was repurposed as the Khedivial Hotel. The former two venues were destroyed during the Lebanese Civil War and not rebuilt during postwar reconstruction, while the latter was replaced before the war by the high-rise office building known as One Allenby Street. Following Ottoman defeat during World War I ,
1189-591: The official USD-to-lira exchange rate for all credit card transactions on 1 February 2022. In March 2023, the Sayrafa exchange rate became 43% less than the unofficial, free market rate. 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 ⁄ 2 p, 1p, 2p, 2 + 1 ⁄ 2 p, 5p, 10p, 25p and 50p. During World War II, rather crudely made 1 ⁄ 2 p, 1p and 2 + 1 ⁄ 2 p coins were issued. Before
1230-449: The official rate was fixed at LL 1,507.50 = USD1.00 In August 2019, due to the increasing supply of Lebanese pounds in the economy, pressure on the fixed exchange rate with the US dollar started, creating a parallel market rate. In March 2021, the free market rate in Beirut was LL 10,000 = USD1.00 By July 2021, it was around LL 24,000 to the dollar. On 18 March 2023, the value of
1271-713: The one-bar and the two-bar versions are treated as allographs and the choice between them is merely stylistic, no evidence has been found that either style predominated in Italy or anywhere else. The Turkish lira was introduced in 1844 during the Ottoman reign. The Turkish lira is now the currency of Turkey and the Turkish Republic of Northern Cyprus , and used in Turkish-occupied northern Syria . The Lebanese pound and Syrian pound are both called "lira" ( ليرة ) in Arabic ,
Lebanese pound - Misplaced Pages Continue
1312-542: The recently constructed BSL head office building on rue Riad El-Solh in downtown Beirut, with financing from the BPPB-controlled Ottoman Bank . The modern building, which had been built in the early 1950s and inaugurated in 1955, hosted both organizations until the inauguration of the Banque du Liban's own new head office in late March 1964. The SNBSL kept operating during the Lebanese Civil War . In 1987,
1353-462: The symbols ₤ (two bars), £ (one bar) were all commonly used. The Maltese lira used £M before 1986 and Lm thereafter (both as prefixes), though £M continued to be used in unofficial capacities. The Unicode system allocated U+20A4 ₤ LIRA SIGN to the Italian lira , to provide compatibility with a legacy HP character set. As with U+00A3 £ POUND SIGN , where
1394-712: The territories of what later became Syria and Lebanon were ruled by the Occupied Enemy Territory Administration that brought together France, the UK and the Hashemites . In response to this new environment, the BIO decided in late 1918 to form a French bank, initially named Banque de Syrie and headquartered in Paris, in which the BIO initially retained 94.45 percent ownership. The new bank held its constituent general meeting in Paris on 2 January 1919. In March 1920,
1435-623: The value of a Roman pound ( Latin : libra , about 329g, 10.58 troy ounces) of high purity silver. The libra was the basis of the monetary system of the Roman Empire. When Europe resumed a monetary system, during the Carolingian Empire , the Roman system was adopted. The Roman denominations librae, solidi, denarii were used (becoming known in England as £sd ). Specifically, this system
1476-455: The value of the lira. This affected approximately 75% of all bank deposits. The major cause of the economic crisis was the implementation of the de facto capital controls, which greatly impacted the financial stability of the country. The crisis had various effects on Lebanon and its people. They have encountered several challenges over the last few years, including the introduction of extra official rates for specific transactions, hyperinflation,
1517-462: The war all coins were minted in Paris . 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 ⁄ 2 p, 5p, 10p, 25p, 50p and LL 1. No coins were issued between 1986 and 1994, when the current series of coins was introduced. Coins in current use are: By January 2023, the only coins in use are
1558-471: Was a French bank that was carved out from the Imperial Ottoman Bank following World War I and granted a central banking role in what would become Syria and Lebanon under French mandate and in the early years of the two countries' independence. The BSL's activities in Syria were nationalized in 1956 following the Suez Crisis . In Lebanon , it was reorganized in 1963 as its central banking functions became
1599-671: Was coined by Harvard University economic fellow Dan Azzi 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 Lebanese financial crisis drew widespread attention in October 2019, as numerous Lebanese citizens took over the streets and initiated the "Thawra" protest. Nevertheless, the economic predicament had been deteriorating for several years. The central bank implemented rigorous restrictions on withdrawals from foreign exchange accounts as they encountered significant difficulties in maintaining
1640-470: Was established by the Code of Money and Credit on 1 April 1964. 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 LL 1, LL 5, LL 10, LL 25, LL 50, LL 100, and LL 250, expressed in Arabic on the front, and French on the back. Higher denominations were issued in
1681-632: Was kept during the Middle Ages and Modern Age in England, France, and Italy. In each of these countries the libra was translated into local language: pound in England, livre in France, lira in Italy. The Venetian lira was one of the currencies in use in Italy and due to the economic power of the Venetian Republic a popular currency in the Eastern Mediterranean trade. During