Large-denomination banknotes of 500,000 and 1,000,000 Lebanese pounds (LBP) will likely be issued soon in Lebanon, local media reported on Tuesday.
A joint session of parliamentary committees on Tuesday approved a bill permitting Banque Du Liban (BDL), Lebanon’s central bank, to issue notes worth more than 100,000 LBP in denomination, the state-run National News Agency (NNA) reported.
If the bill is passed in parliament, notes worth 500,000 and 1,000,000 LBP will be printed, said the report.
After four years of economic crisis, the national currency has lost more than 98 percent of its value and the exchange rate on the parallel market is currently around 94,000 LBP to the dollar, over 62 times the pre-crisis official rate of 1,507.5 LBP, said the news website L’Orient Today in a report.
The proposed bill will merely solve the practical problem of carrying mass bundles of local banknotes, but have absolutely no impact on the value of the currency itself, it said.
According to the BDL’s website, the central bank has issued banknotes in 14 denominations since its establishment in 1963. ■
Protests break out in Lebanon over local currency’s collapse
Demonstrators on Tuesday took to the streets across Lebanon to protest against the quick collapse of the Lebanese pound to the U.S. dollar, the National News Agency reported. The Lebanese currency registered a significant drop [Read More]
Protests break out in Lebanon after local currency tumbles
Protests broke out in several Lebanese cities on Thursday after the country’s currency nosedived amid a lingering financial crisis, the National News Agency (NNA) reported. At least four Lebanese cities, including the cities of Beirut, [Read More]
Dollarization in debate after local currency’s sharp depreciation in crisis-hit Lebanon
For Mustafa Kaddoura, a 65-year-old Lebanese driver, time spent in the darkness is hardly bearable. His meager salary of 3.6 million Lebanese pounds (about 120 U.S. dollars) forced him to cancel his monthly private generator [Read More]
Dollarization in Lebanon’s supermarkets meets mixed reactions among public
Rita el-Husseini stares carefully at the price tags set in U.S. dollars at a supermarket in the Lebanese capital of Beirut. She holds her mobile phone to calculate the price of each item she needs [Read More]