Lebanon approaches the LBP one million banknote: report

Lebanon approaches the LBP one million banknote: report

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2023-04-17 | 05:37

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Lebanon approaches the LBP one million banknote: report

The inclusion of an accelerated bill aimed at amending two articles in the Monetary and Credit Law within the agenda of the Lebanese Council of Ministers raised many concerns in economic and public circles, given its sensitivity in light of the collapse of the exchange rate, and the delay in the adoption of a comprehensive rescue plan based on a final agreement with the International Monetary Fund (IMF).      

Concerned banking and financial sources indicated that the amendments would exclusively affect the process of issuing cash, which automatically means that the government is about to propose legislation to issue new categories of banknotes likely to carry the values of half a million and one million Lebanese lira.  

This article was originally published in, translated from Lebanese newspaper Asharq al-Awsat.   

There is information about parallel trends regarding amendments related to the centralization of the issuance privilege specified in the Central Bank of Lebanon so that it is transferred to the executive authority represented by the Ministry of Finance, or through participatory decision-making and management between the two parties, according to Asharq Al-Awsat.   

The most significant currency category issued and circulated