Lebanese Pound (LBP)
a.k.a. LBP, Lira
Lebanon's currency, code LBP, which lost the vast majority of its value after its long dollar peg broke…
In plain English
Lebanon's currency, code LBP, which lost the vast majority of its value after its long dollar peg broke down in 2019.
For more than two decades the Lebanese pound (LBP) was held at about 1,500 per US dollar. A banking and debt crisis from 2019 shattered that peg; the pound collapsed, deposits were frozen and multiple exchange rates appeared.
It is one of the starkest modern examples of a peg failing once confidence and reserves run out.
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