Lebanese Pound

Overview

Economy

• Lebanon is a member of Arab League, OIC, Non-Aligned Movement, Francophonie.
• Main industries include: Banking, Tourism, Food processing, Wine, Jewelry, Cement, Textiles, Mineral processing, Wood processing, Oil refining, Metal fabricating.
• Lebanon is part of the World Trade Organization.
• Imports are petroleum products, cars, medicinal products, clothing, meat, live animals, consumer goods, paper, textile fabrics, tobacco.
• Major exports include jewelry, base metals, chemicals, consumer goods, fruit, tobacco, construction minerals, electric power machinery, textile fibers, paper.
• GDP: $23.1 billion (2023 est.).
• GDP per capita: $3,807 (2023 est.).
• Unemployment rate: 29.6% (2018 est.).
• Inflation rate: 171.2% (2023 est.).
• Main trading partners: China, Greece, Italy, Germany, United Arab Emirates, France.
• Trade agreements: Arab Free Trade Area, EU Association Agreement, Various bilateral agreements.

History

• Previous currencies used: French franc, Ottoman Turkish lira.
• The Lebanese pound was introduced in 1939, initially pegged to the French franc and later to the US dollar. It was relatively stable until the economic crisis that began in 2019.
• 1939: LBP introduced, replacing French franc
• 1941-1943: British military notes circulation
• 1948: Peg to US dollar established
• 1975-1990: Civil war period with instability
• 1997: Fixed peg to USD at 1507.5:1
• 2019: Banking crisis and massive devaluation begins
• 2020-present: Economic collapse and hyperinflation
• Exchange rate peg: USD (1997-2019) at 1507.5:1.
• Exchange rate peg: Severe depreciation (2019-present).

General Information

• ISO 4217 Code: LBP
• Symbols: LBP/ل.ل
• Currency Subunits: 100 piastres
• Central Bank: Banque du Liban
• Monetary Policy: Multiple exchange rate system amid economic crisis. Struggling to maintain stability during severe financial and economic crisis.
• Bills: 1000 LBP, 5000 LBP, 10000 LBP, 20000 LBP, 50000 LBP, 100000 LBP
• Coins: 25 pounds, 50 pounds, 100 pounds, 250 pounds, 500 pounds
• USD Exchange Rate: Variable (approximately 89,000-90,000 LBP per USD, multiple rates)
• Pegged To: None (Floating)
• Capital: Beirut
• Population: 5,296,814 (2023 est.)
• Area: 10,400 km²
• Languages: Arabic (official), French, English, Armenian
• Time Zones: UTC+2 (Eastern European Time)
• Government Type: Parliamentary republic
• Head of Government: President (head of state), Prime Minister (head of government)
• Independence: November 22, 1943 (from League of Nations mandate under French administration)
• Ethnic Groups: Arab 95%, Armenian 4%, Other 1%
• Religions: Muslim 67.8% (31.9% Sunni, 31.2% Shia, smaller percentages of Alawites and Ismailis), Christian 32.4% (Maronite Catholics are the largest Christian group), Druze 4.5%, very small numbers of Jews, Baha'is, Buddhists, and Hindus
• Literacy Rate: 95.1% (2018 est.)
• Transport: Rafic Hariri International Airport, limited road network, no functioning railways, Beirut port (damaged in 2020)
• Communications: Good telecommunications, 78% internet penetration, mobile coverage affected by economic crisis
• Energy: Oil 96%, Hydroelectric 4%, severe electricity shortages
• Countries Using This Currency: Lebanon
• Data Sources: Central Bank: Banque du Liban (bdl.gov.lb), Economic Data: Central Administration of Statistics, World Bank, IMF, Trade Data: Lebanese Customs, Demographic Data: Central Administration of Statistics, Geographic Data: Lebanese Agricultural Research Institute, Historical Data: Banque du Liban archives
• Last Updated: 2025