The current currency of Lebanon is called the pound. This currency is little known outside the country. It is not in great demand among traders. But tourists wishing to come to Lebanon need to know about the Lebanese pound.
Description
The international code mark consists of three letters LBP. Previously, there were 100 piastres in one Lebanese pound, but due to high inflation rates, such a division had to be abandoned. Bank of Lebanon is engaged in the issue of banknotes.
Now in the country in circulation are metal coins in denominations of 25, 50, 100, 250 and 500 pounds. Also widely used are paper bills in denominations of 1,000, 5,000, 10 thousand, 20 thousand, 50 and 100 thousand pounds.
Coins are made of nickel, brass and bronze. A 25 pound coin is minted in nickel-plated steel. The inscriptions on all the money in the country are printed in Arabic, previously duplicated in French, since the state was under the auspices of France for several decades.
Lebanon Currency History
During the period when the country was part of the Ottoman Empire, the Turkish pound was used as a means of payment. After the defeat of the Ottomans in the First World War and the collapse of the empire in 1918, Lebanon moved to France. The Syrian pound began to be used in the country , and the French pound as a secondary state currency.
In 1943, the Middle East country gained independence from France. The government of the newly made republic agreed with the leadership of the former metropolis on the use of the French franc. Five years later, as a result of financial reform, the Lebanese pound was introduced. This currency is still used in the state.
Lebanese pound to ruble and other currencies
Lebanese currency is one of the cheapest in the world. Moreover, it continues to lose value due to problems in the economy. As of October 7, 2018, the Lebanese currency to ruble exchange rate is approximately 0.04. That is, for one pound you can get about 4 cents. One ruble contains almost 23 LBP.
Compared with the American dollar, the situation is even more deplorable. One USD contains approximately one and a half thousand LBP. That is, for one pound they give about 0.0006 dollars.
A similar situation with other world currencies: Euro, British pounds.
Exchange operations and cashless payments
Lebanon is a fairly modern country, so there are no special problems with cashless payments. Cards are accepted in large stores, restaurants, hotels and shopping centers. However, paying by bank transfer in the city market, in a taxi or street eateries will be more difficult. You need to prepare a sufficient amount of cash.
To find an ATM to withdraw money in a big city is not difficult. But outside of tourist routes, this is almost impossible.
It is best to come to the country with American dollars or euros. Other banknotes will be more difficult to change. In some banks, exchangers work with the currencies of neighboring Arab countries. It is undesirable to take rubles with you, because it is extremely difficult to find a place where you will change the Russian currency. It also makes no sense to come with money from other countries of the world, for example, RMB or Canadian dollars, since local banks and exchange offices do not work with them. Even if it is possible to find a place where rare money will be exchanged for this country, the commission for such an operation will be very large.
It is recommended that you always have enough local cash with you. Credit cards are not accepted everywhere, and there is often nowhere to withdraw money.
Conclusion
The currency of Lebanon is popularly referred to as lira or livery, by analogy with neighboring Turkey. Historical factors also played a role in this. Despite the fact that the state is quite stable in economic terms, the war in neighboring Syria has a strong effect on Lebanon. In particular, because of this, the rate of the national monetary unit is declining rapidly.
It also affects the lack of strong industry and popularity among tourists. The government and big business are doing everything possible to strengthen the financial situation of the state. One of the priority areas is tourism, which can favorably affect the value of the official currency of the republic and strengthen it.