The Lebanese authorities are considering the printing of banknotes of 500,000 (LBP500,000.1), and one million livres (LBP1,000,000.1). The measure will be studied during the meeting of the Parlamentary Bureau, and in the next legislative session, for which no date has yet been fixed.
Its three years old crisis has seen the value of the Lebanese pound drop by 98% against the U.S. dollar. While there are several rates of exchange, the real one, the one used by exchange bureaux has reached yesterday a record LBP143,000 per U.S. dollar, to drop later in the day to LBP 105,000.
Currently the largest note in circulation in Lebanon is the one of 100,000 livres, which is worth somewhat less than one U.S. dollar.
The Lebanese Government is in talks with the IMF, which may lead to reforms, among them the unification of the various U.S. dollar rates. It is hoped that this may lead to an improvement of the dire situation.
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