Lebanese pound

Lebanon receives U.S. currency inflows through tourism, foreign aid, remittances and loans. And in turn, spends those dollars to purchase supplies across borders. Currency stability encouraged expats to continue to send money home, buy property and even deposit cash in local banks.

After the Bretton Woods agreement was implemented, the European currencies were linked to the gold-backed Dollar. As a result, Lebanese authorities purchased a lot of metal to improve the value of the Lebanese pound at the price of $35 per ounce.

Foreign currency inflows have slowed and Lebanon’s pound has dropped in value compared to the dollar and other currencies. The Lebanese pound was pegged at around 1,500 per US$1; since October 2019, it has dropped to a third of this value, reaching 4,500 per US$1 on black markets on 28 April 2020.

After an initial spike, the dollar has been falling steadily since the covid pandemic took hold in the US last March. It is down about 10% to 12% relative to America’s major trading partners, dropping to its weakest levels since early 2018.

Understanding the LBP (Lebanese Pound) The banknotes, or paper currency, are printed by Lebanon’s bank, the Banque du Liban, going back to 1939.

During the Civil War, the value decreased rapidly until 1992, when one US dollar was worth over 2500 Lebanese pounds. Subsequently the value increased again, and since December 1997 the rate of the Lebanese pound has been fixed at 1507.5 Lebanese pounds = US$1.

ل.ل.‎

Sweden

“A Lollar is a Lebanese dollar, or a US dollar which is stuck in the banking system, really just a computer entry with no corresponding currency.”

Lebanese 250 lira coin

Kingdom of France

Nevertheless, the term “sou” survived as a slang term for 1/20 of a franc. Thus the large bronze 5-centime coin was called “sou” (for example in Balzac or Victor Hugo), the “pièce de cent sous” (“hundred sous coin”) meant five francs and was also called “écu” (as in Zola’s Germinal).

Causes of debt The War of Independence alone cost 1.3 billion livres, more than double the Crown’s annual revenue, and in a single year—1781—227 million livres were spent on the campaign.

Lords were subject to taxation, yes. Taxes in kind or service eventually became commutable to cash payments. Participants in the feudal system generally had to provide a certain amount of military service to their lord every year.

These feudal aids were distinguished from the feudal relief, which was a tax due the lord by a new vassal upon entering into possession of a fief. All over Europe princes had to resort to forms of direct taxation because the other revenues of the crown were insufficient, especially in emergencies.

Medieval nobles made their money through their serfs and peasants. when the serfs and peasants farmed and sell their crops, some of the money goes to the noble in the castle ruling over that area, and what ever is left over goes to themselves. Then the nobles would pay tribute to their king/ruler over the bigger area.