Lebanese pound
The Lebanese pound ( "līra Libnāniyya"; French: "livre libanaise"; sign: £L or L.L. in Latin, in Arabic, ISO 4217: LBP) is the currency of Lebanon. It was formerly divided into 100 piastres (or "qirsh") but because of high inflation during the Lebanese Civil War (1975–1990) the use of subdivisions was discontinued. The plural form of lira, as used in relation to the currency, is either "lirat" (ليرات "līrāt") or invariant, whilst there were four forms for "qirsh": the dual "qirshān" (قرشان) used with number 2, the plural "qurush" (قروش) used with numbers 3–10, the accusative singular "qirshan" (قرشا ) used with 11–99, and the genitive singular "qirshi" (قرش) used with multiples of 100. The number determines which plural form is used. Before World War II, the Arabic spelling of the subdivision was غرش ("girsh"). All of Lebanon's coins and banknotes are bilingual in Arabic and French. Since December 1997, the exchange rate has been fixed at £L1,507.5 per USD. However since the 2020 economic crisis in Lebanon exchange at this rate is generally unavailable, and an informal currency market has developed with much higher exchange rates. History. Until World War I, the Ottoman lira was the currency  used in the area. In 1918, after the fall of the Ottoman Empire, the Egyptian pound was used. Upon gaining control of Syria and Lebanon, the French replaced the Egyptian pound with a new currency for Syria and Lebanon, the Syrian pound, which was linked to the French franc at a value of £S1 = 20 F. Lebanon issued its own coins from 1924 and banknotes from 1925. In 1939, the Lebanese currency was officially separated from that of Syria, though it was still linked to the French franc and remained interchangeable with Syrian money. In 1941, following France 's defeat by Nazi Germany, the currency was linked instead to sterling at a rate of £L8.83 = £1 STG. A link to the French franc was restored after the war, but was abandoned in 1949. Before the third phase of the Lebanese Civil War, US$1 was worth: During 1986 the pound began to fall against the dollar. On 13 June a dollar was worth £L36,5. two weeks later it was worth £L47. During the Civil War, the value decreased rapidly until 1992, when one US dollar was worth over £L2,500. Subsequently the value  increased again, and since December 1997 the official rate has been fixed at £L1507.5 = US$1. In August 2019, pressure on the fixed exchange rate with the U.S. dollar started, creating a parallel market rate. The two-rate market is a textbook case of weakening central bank reserves that are not able to defend the official exchange rate. Continuous financial pressures driven by unsustainable sovereign debt, high trade deficit and deposit outflows due to loss of confidence are threatening the peg for the first time since 1992. As of 3 March 2021, the black market rate in Beirut  was £L10,000 = 1 U.S. dollar. By July 2021, it was around £L24,000 to the dollar. Coins. Lebanon's first coins were issued in 1924 in denominations of 2 and 5 "girush" (note the different spelling from post WWII coins) with the French denominations given in "piastres syriennes", Syrian piastres). Later issues did not include the word "syriennes" and were in denominations of pt, 1pt, 2pt, pt, 5pt, 10pt, 25pt and 50pt. During World War II, rather crudely made pt, 1 and pt coins were issued. After the war, the Arabic spelling was changed from girsh (غرش) to  qirsh (قرش). Coins were issued in the period 1952 to 1986 in denominations of 1pt, , 5pt, 10pt, 25pt, 50pt and £L1. No coins were issued between 1986 and 1994, when the current series of coins was introduced. Coins in current use are: Banknotes. Lebanon's first banknotes were issued by the Banque du Syrie et Grand-Liban (Bank of Syria and Greater Lebanon) in 1925. Denominations ran from 25 girsha through to £L100. In 1939, the bank's name was changed to the Bank of Syria and Lebanon. The first £L250 notes appeared that year. Between 1942  and 1950, the government issued "small change" paper money in denominations of 5, 10, 25 and 50 girsh or qirsh (the change in spelling occurred during these years). After 1945, the Bank of Syria and Lebanon continued to issue paper money for Lebanon but the notes were denominated specifically in "Lebanese pounds" (ليرة لبنانية, livre libanaise) to distinguish them from Syrian notes. Notes for £L1, £L5, £L10, £L25, £L50 and £L100 were issued. The Banque du Liban (Bank of Lebanon) was established by the Code of Money and Credit on 1 April 1964. On  1 August 1963 decree No. 13.513 of the "Law of References: Banque Du Liban 23 Money and Credit" granted the Bank of Lebanon the sole right to issue notes in denominations of £L1, £L5, £L10, £L25, £L50, £L100, and £L250, expressed in Arabic on the front, and French on the back. Higher denominations were issued in the 1980s and 1990s as inflation drastically reduced the currency's value. Banknotes in current use are: All current notes feature an Arabic side with the value in Arabic script numerals of large size. The other side  is in French with the serial number in both Arabic and Latin script and in bar code below the latter one. Devaluation. Since September 2019, the exchange rate has forked into multiple distinct rates due to Lebanon's banking sector collapse. Within six months, five distinct Lebanese pound rates were defined against the US dollar, officially and unofficially. They were valued at: Lollar. The "Lollar" is a deposit denominated in US dollars in the Lebanese banking system. It is a nominal balance stuck or frozen in the Lebanese banks, with currency value simply as a computer entry. The Lollar is  not a tangible currency, but is a concept of an outstanding deposit in US dollars in Lebanese banks that can only be withdrawn in Lebanese pounds at a very reduced set rate and considerably lower than the highly speculative black market rate which is multiple times higher. There are also limits put on the total amount that can be withdrawn on the lollars. The symbol of the lollar is lol. The term was coined by Harvard University economic fellow Dan Azzi after the Lebanese banks suffered serious difficulties and restricted the amount of US dollars and other foreign currencies they  could pay to their depositors.