Lebanese pound

Lebanese pound

ليرة لبنانية Template:Ar icon livre libanaise Template:Fr icon
ISO 4217
Code	LBP (numeric: 422)
Subunit	0.01
Unit
Symbol	ل.ل‎
Denominations
Subunit
1/100	piastre
Banknotes	1000, 5000, 10 000, 20 000, 50 000, 100 000 pounds
Coins	50, 100, 250, 500 pounds
Demographics
User(s)	Lebanon
Issuance
Central bank	Banque du Liban
Website	www.bdl.gov.lb
Valuation
Inflation	4.2%
Source	The World Factbook, 2007 est.
Pegged with	U.S. dollar = 1507.5 pounds

The Lebanese pound (sign: £ or L£; Arabic: lira; French: livre; ISO 4217: LBP) is the currency unit of Lebanon. It is divided into 100 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 forms for qirsh: the dual qirshan (قرشان), the plural qirush (قروش) used with numbers 3-10, the accusative singular qirsha (قرشا) used with 11-99, or the genitive singular qirshi (قرش) used with multiples of 100. 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.

History

Before World War 1, 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 . A link to the French franc was restored after the war but was abandoned in 1949.

Before the war of 1975-1990, 1 U.S. dollar was worth 3 pounds. According to the central bank's data , 1 U.S. dollar has been equal to 1507.5 pounds for the entire year of 2006.

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:

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

Current series
Image		Value	Metal	Color
Obverse	Reverse
		50 pounds	Stainless Steel	White
		100 pounds	Copper - Zinc	red copper
File:100rectoSilver.gif	File:100versoSilver.gif	100 pounds (2003 Issue)	Nickel	white
File:250recto.gif	File:250verso.gif	250 pounds	Bronze - Aluminum	golden yellow
File:500recto.gif	File:500verso.gif	500 pounds	Nickel - Acier	white

Banknotes

An obsolete 100 pound note

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, livre 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:

Current series
Image		Value	Main Colour
Obverse	Reverse
File:1000 Lebanese Pounds Obverse.jpg	File:1000 Lebanese Pounds Reverse.jpg	1,000 pounds	Green
File:5000 Lebanese Pounds Obverse.jpg	File:5000 Lebanese Pounds Reverse.jpg	5,000 pounds	Pink
File:10000 Lebanese Pounds Obverse.jpg	File:10000 Lebanese Pounds Reverse.jpg	10,000 pounds	Yellow
File:20000 Lebanese pounds obverse.jpg	File:20000 Lebanese pounds reverse.jpg	20,000 pounds	Red
File:50000 Lebanese pounds obverse.jpg	File:50000 Lebanese pounds reverse.jpg	50,000 pounds	Purple
File:100000 Lebanese Pounds Obverse.gif	File:100000 Lebanese Pounds Reverse.gif	100,000 pounds	Blue

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.

Current LBP exchange rates
From Google Finance:	AUD CAD CHF CNY EUR GBP HKD JPY USD
From Yahoo! Finance:	AUD CAD CHF CNY EUR GBP HKD JPY USD
From XE.com:	AUD CAD CHF CNY EUR GBP HKD JPY USD
From OANDA:	AUD CAD CHF CNY EUR GBP HKD JPY USD

See also

• Economy of Lebanon

References

• Krause, Chester L.; Clifford Mishler (1991). Standard Catalog of World Coins: 1801–1991 (18th ed.). Krause Publications. ISBN 0873411501.
• Pick, Albert (1994). Standard Catalog of World Paper Money: General Issues. Colin R. Bruce II and Neil Shafer (editors) (7th ed.). Krause Publications. ISBN 0-87341-207-9.

External links

• Banque du Liban