What is a LBP (Lebanese Pound)
LBP is the abbreviation for the currency of Lebanon, which is known as the Lebanese Pound.
BREAKING DOWN LBP (Lebanese Pound)
The LBP is the abbreviation of the Lebanese Pound, which is the currency that replaced the former currency of the Syrian pound in the late 1930’s. The Syrian pound was originally issued by the Banque de Syrie.
The banknote, or paper currency, was originally printed by Lebanon’s bank, The Banque du Liban beginning in 1939. The LBP consisted of 100 qirsh, or piastres. The notes were printed in denominations of 1, 5, 10, 25, 50, 100 and 200 pounds. The LBP symbol is ل.ل.. Since they originally entered circulation, the Lebanese pound has grown to include 1,000, 5,000, 10,000, 20,000, 50,000 and 100,000 pounds. The coins now include a 50, 100 and 500 pound denomination.
Lebanon has had a long list of national currencies, beginning with the Ottoman lira and followed by the Egyptian pound, the French Franc and the Syrian Pound before fully converting to the LBP in 1939.
A Brief History of Lebanon
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 settlements dating back to the 3rd millennium.
Lebanon as we know it did not begin to exist until the 1920’s when France established the Greater Lebanon state. The state later became a republic in 1926 and gained total independence in 1943. The country experienced a time of great prosperity prior to the beginning of turmoil in the region. This turmoil ultimately lead to a civil war in 1975. Although during the first half of the civil war, the economy seemed relatively unscathed, it eventually began to feel the impact of the strife financially.
Around the middle of the 1980’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 1990, 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.
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 there are also Armenian, Kurdish, French and English spoken in the region. Syriac is also sometimes used in religious services.