LEBANON, Lebanese Republic, state in the Middle East, on the Mediterranean
CAPITAL: Beirut
AREA: 10 400 km²
POPULATION: 5,26 Million (2022)
OFFICIAL LANGUAGE(S): Arabic
RELIGION(S): Islam, Christianity
CURRENCY: Pound (LBP): The official currency of Lebanon is the Lebanese pound (LBP) and its symbol is "ل.ل" in Arabic.
The history of Lebanon's currency dates back to the time of the Ottoman Empire when the Ottoman lira was used in the region. After World War I and the collapse of the Ottoman Empire, Lebanon came under French mandate. In 1924, the Syrian and Lebanese pound was introduced as a common currency for both Syria and Lebanon.
In 1939, Lebanon gained independence and issued its own currency, the Lebanese pound, to replace the Syrian and Lebanese pound. The Banque du Liban was established in 1963 as the central bank responsible for issuing and managing the Lebanese currency.
For many years, the Lebanese pound remained relatively stable, but the country has experienced numerous periods of political and economic instability, including during the Lebanese Civil War (1975-1990) and the recent financial crisis.
In recent years, Lebanon has faced a major economic and financial crisis, marked by a significant devaluation of the Lebanese pound. The value of the Lebanese pound against the U.S. dollar has dropped dramatically, leading to high inflation and deteriorating economic conditions in the country.
The current economic crisis in Lebanon is complex and has multiple factors, including poor economic management, high public debt, corruption, political conflicts, and regional turmoil. These issues have had a significant impact on Lebanon's currency and have resulted in a challenging economic situation for many Lebanese citizens.
