Lebanon considers printing new banknotes as inflation soars

Lebanon considers printing new banknotes as inflation soars

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2023-03-21 | 11:23

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Lebanon considers printing new banknotes as inflation soars

In Lebanon, it is no longer feasible or normal to deal with a large amount of cash. If anyone wants to fill up their gas tank with gasoline and buy groceries or medicine for a family member on their way back from work, they need at least 8 million Lebanese pounds, or eighty banknotes of one hundred thousand Lebanese pounds, which are now worth only 70 cents. Such an amount cannot fit in a pocket or even a wallet.

As a result, finding a solution has become crucial, starting with printing new currency notes in larger denominations to facilitate people's affairs and adapt to the current situation. This is a necessary step, but the question remains, when and how?

Lebanon may be leaning towards printing larger banknotes such as one million and five hundred thousand Lebanese pounds. It may be a difficult choice, but it must be adopted, especially since new banknotes were printed in the early 1990s after the financial crisis at that time.

Sooner or later, a ‘new zero’ will be added to the Lebanese currency notes that will inevitably lose their value as the number of zeros increases. The first