The pound or lira (Arabic: ليرة لبنانية līra Libnāniyya; French: livre libanaise; abbreviation: £L, or LL in Latin, ل.ل. in Arabic, ISO 4217: LBP) 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) the use of subunits was discontinued.
The plural form of lira, as used in relation to the currency, is either lirat (ليرات līrāt) or invariant, whilst there were 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 (قرشا) used with 11–99, and the genitive singular qirshi (قرش) used with multiples of 100. The number determines which plural form is used. Before World War II, the Arabic spelling of the subdivision was غرش (girsh). All of Lebanon’s coins and banknotes are bilingual in Arabic and French.
Since December 1997, the exchange rate has been fixed at £L1,507.5 per USD. However since the 2020 economic crisis in Lebanon exchange at this rate is generally unavailable, and an informal currency market has developed with much higher exchange rates.
LBP Coins
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 1⁄2p, 1p, 2p, 2+1⁄2p, 5p, 10p, 25p and 50p. During World War II, rather crudely made 1⁄2p, 1p and 2+1⁄2p coins were issued. Before the war all coins were minted in Paris.[16]
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+1⁄2p, 5p, 10p, 25p, 50p and £L1. No coins were issued between 1986 and 1994, when the current series of coins was introduced.
LBP Banknotes
Lebanon’s first banknotes were issued by the Banque du Syrie et Grand-Liban (Bank of Syria and Greater Lebanon) in 1925. Denominations ran from 25 piastres through to £L100. In 1939, the bank’s name was changed to the Bank of Syria and Lebanon. The first £L250 notes appeared that year. Between 1942 and 1950, the government issued “small change” paper money 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 £L1, £L5, £L10, £L25, £L50 and £L100 were issued.
The Banque du Liban (Bank of Lebanon) was established by the Code of Money and Credit on 1 April 1964.[19] 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 £L1, £L5, £L10, £L25, £L50, £L100, and £L250, expressed in Arabic on the front, and French on the back. Higher denominations were issued in the 1980s and 1990s as inflation drastically reduced the currency’s value.