The Lebanese Pound (LBP), also known as the Lebanese Lira, is the official currency of Lebanon, a country in the Middle East. It was introduced in 1924, replacing the Ottoman Lira that was in use during the Ottoman Empire's rule over Lebanon. The Central Bank of Lebanon, referred to as Banque du Liban, is responsible for issuing and managing the Lebanese Pound.

The Lebanese Pound is pegged to the US Dollar at a fixed exchange rate, which helps maintain its value against the Dollar, regardless of fluctuations in the global currency market. This fixed exchange rate system was implemented in 1997 to stabilize the Lebanese economy and restore confidence following years of civil strife and political instability. The Central Bank of Lebanon supports this peg by intervening in the foreign exchange market, buying or selling US Dollars as needed to uphold the target exchange rate.

The Lebanese Pound is divided into 100 smaller units called piastres. However, due to inflation, piastres are seldom used in everyday transactions. Coins are available in denominations of 100, 250, and 500 Lebanese Pounds, while banknotes are issued in 1,000, 5,000, 10,000, 20,000, 50,000, and 100,000 Lebanese Pounds.

Lebanon's economy is primarily service-oriented, encompassing sectors such as tourism, banking, and trade. The country has a well-established financial sector and has historically functioned as a regional financial hub. Additionally, Lebanon's tourism industry flourishes, attracting visitors to its historical sites, Mediterranean climate, and cosmopolitan cities.

Despite these strengths, Lebanon faces significant economic challenges, including high public debt, political instability, and regional conflicts. The nation has recently experienced a severe economic and financial crisis, leading to hyperinflation, a sharp decline in the Lebanese Pound's value on the black market, and a decrease in living standards. The government and international organizations are working to address these issues and restore economic stability.

In summary, the Lebanese Pound is the official currency of Lebanon, managed by the Central Bank of Lebanon. It operates under a fixed exchange rate system pegged to the US Dollar. Although it is subdivided into piastres, these are rarely used. Coins and banknotes are available in various denominations. While Lebanon's economy is mainly service-based, it faces numerous challenges, including high public debt, political instability, and a recent severe financial crisis.