LEBANESE POUND Meaning and
Definition
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The Lebanese Pound, also known as Lira, is the official currency of Lebanon. It is abbreviated as LBP, derived from the French name for the currency "Livre Libanaise". The Lebanese Pound is issued and regulated by the Central Bank of Lebanon, which acts as the country's monetary authority.
The Lebanese Pound is subdivided into 100 piastres, although piastres are no longer in circulation and their value has become obsolete. As of writing, the Lebanese Pound has a fixed exchange rate of 1,507.5 LBP per US Dollar, which has been maintained by the Central Bank since 1997.
The currency is commonly represented with the symbol "ل.ل" or "£" in Arabic and English respectively. The banknotes in circulation comprise denominations of 1,000, 5,000, 10,000, 20,000, 50,000, and 100,000 Lebanese Pounds, while coins are no longer issued or widely used due to inflation.
The Lebanese Pound has faced significant challenges in recent years due to economic and political crises, resulting in a devaluation of the currency. This depreciation has led to rising inflation, increased prices, and a decline in people's purchasing power. The black market exchange rate for the Lebanese Pound can differ significantly from the official fixed rate, leading to economic volatility and challenges for businesses and individuals.
Overall, the Lebanese Pound serves as the primary means of exchange, store of value, and unit of account within Lebanon, facilitating domestic transactions and contributing to the country's economy.
Common Misspellings for LEBANESE POUND
- kebanese pound
- pebanese pound
- oebanese pound
- lwbanese pound
- lsbanese pound
- ldbanese pound
- lrbanese pound
- l4banese pound
- l3banese pound
- levanese pound
- lenanese pound
- lehanese pound
- leganese pound
- lebznese pound
- lebsnese pound
- lebwnese pound
- lebqnese pound
- lebabese pound
- lebamese pound
Etymology of LEBANESE POUND
The word "Lebanese Pound" is derived from the combination of two components: "Lebanese" and "Pound".
1. Lebanese: This term refers to the country of Lebanon, which is located in the Middle East. The word "Lebanese" originates from the ancient Semitic root "lb-n" meaning "white", possibly due to the snowy mountains of Lebanon.
2. Pound: The term "pound" has its roots in the Latin word "pondo" or "pondus", which means "weight". The usage of the pound as a unit of weight can be traced back to the Roman Empire. It was also used as a monetary unit in various historical contexts.
Combining these two components, the "Lebanese Pound" refers to the national currency of Lebanon.
