Lebanese media reported that the Central Bank decided to print a banknote of 500,000 pounds, after the monetary mass exceeded 97.08 trillion Lebanese pounds by the end of 2022.
The information stated that while awaiting the meeting of the General Assembly of the Parliament to approve the final amendments to the law, preparations are in full swing at the Banque du Liban, which has settled the matter of printing the 500,000 pounds, while discussions are underway to choose between printing the denomination of 250,000 pounds or one million pounds, noting that printing the categories The large ones save the Bank of Lebanon the costs of printing, storage and transportation, and also make it easier for citizens to carry large quantities of currencies, and reduce the cost of transporting and storing money for large merchants.
Once the amendments are approved by the General Assembly, the Banque du Liban needs at least 3 months between currency printing operations that take place in Germany and Malta and shipping them before introducing the new denominations to the Lebanese market, noting that the Central Bank has completed, albeit informally, the preparations related to the form of these denominations and the technical features of protection. And security.
According to official data, the volume of the monetary block, which includes ready liquidity in Lebanese pounds, reached 97.08 trillion Lebanese pounds by the end of the year 2022, which proves that the currency printing policy by the Banque du Liban has flooded the market with large quantities of pounds, which are now used in currency speculation.
This article was originally published by RT.
