Which currency is banque du liban

Hi there! Share Alamy images with your team and customers. All images All images. Live news. Search by image. The paper money issued by the Turkish Treasury, with a forced exchange rate, suffered the same fate. In order to normalize economic life in the occupied territories and cover the expenses of the allied forces, English authorities imposed the banknote of the National Bank of Egypt, the Egyptian currency having been, since October 30, , closely linked to the sterling and entirely covered by securities issued in sterling.

In accordance with the convention signed between the French and the British governments on September 15, , a new occupying authority started to rule Lebanon. Consequently, the use of the Egyptian currency, suitable for the British Treasury, became inappropriate. To obtain Egyptian pounds, France, being the sole occupying power, had to offer increasing amounts of francs. However, in , the French franc registered a drop because of the British government's decision to stop these advances, thus breaking the alliance between the franc, the sterling and the dollar, and also because of the US Government's decision to suspend its regulating role of the associated change rates.

On September 1, , the representative of France proclaimed Great Lebanon. In , the Bank of Syria was granted the concession of issuing the Syrian currency, which became legal tender on May 1, Banknotes issued by this bank were reimbursable to the bearer or at sight by checks drawn on Paris, at the rate of FF 20 for one Syrian pound.

As a consequence, an independent, currency-issuing department was established at the Bank of Syria. It was responsible for putting in circulation and withdrawing banknotes.

Issuances were made either on behalf of the Treasury in Paris or on behalf of the Bank itself. Concerning commercial operations, the Issuing Department was to provide the Bank of Syria with banknotes only in exchange of foreign currencies or foreign securities, which constituted, together with the credits granted by the Treasury in Paris, the coverage of the currency in circulation.

According to this convention: The bank of Syria became the Bank of Syria and Great Lebanon, with a concession to issue the currency for a year period, starting April 1, The banknotes issued by the Bank were reimbursable over-the-counter, in checks to the bearer on Paris or Marseille, at the rate of FF 20 for one Lebanese-Syrian pound.

Two series of banknotes of the same type were created, one in the name of Great Lebanon and the other in the name of Syria. However, the Bank was empowered to issue any of the banknotes on each territory, with free circulation in both countries. The overall value of banknotes in circulation could not exceed 25 millions pounds in the territories under French mandate.

The Issuing Department was a distinct entity, entirely independent from the commercial operation departments of the Bank. Separate accounting was used in issuing and withdrawing banknotes. Banknotes in circulation must always be fully covered by: Monetized gold, ingot gold, or foreign government bonds payable in gold. Higher denominations often have more security features making the production process more complex with additional steps needed in design, paper production and printing.

Printing hundreds of million notes of the lowest denomination, such as the 1, LBP entails other types of challenges. Lebanon has had a long list of national currencies, beginning with the Ottoman lira, followed by the Egyptian pound , the French franc , and the Syrian pound, before fully converting to the LBP in Lebanon, also known as the Lebanese Republic, is a country located along the coast of the Mediterranean Sea on the continent of Asia.

The country is bordered by Israel and Syria. It is believed to be the location of some of the oldest human settlements known to man, with civilization dating back more than 7, years. Lebanon, as it is today, did not exist until the s, when France established the Greater Lebanon state. The state later became a republic in and gained total independence in The country experienced a time of great prosperity prior to the beginning of turmoil in the region.

This turmoil ultimately led to a civil war in The war lasted until Around the middle of the s, the value of the pound began to drop. Combined with the impacts of warfare on the country's infrastructure, the economy drastically declined. Once the war ended in , Lebanon once more began to experience a period of economic growth and stability.

However, at the beginning of the 21st century, approximately one-third of the residents of Lebanon continued to live below the poverty line. During the war, the LBP depreciated from 0. Beirut is the capital of the country, which is ruled by a unitary multiparty republic with a single legislative house, a president, and a prime minister. The official language of the region is Arabic, but Armenian, Kurdish, French, and English are also spoken in the region.

Syriac is also sometimes used in religious services. The country's major exports include gold, other metals, and fruit. Inflation has both high and low years. Between and , it ranged between 0. One LBP buys a small fraction of a U.