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Lebanon considers printing new banknotes as inflation soars

News Bulletin Reports

21-03-2023 | 10:23

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Lebanon considers printing new banknotes as inflation soars

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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 reason for printing larger banknotes is to reduce carrying stacks of cash.

However, such a step will lead to an increase in inflation in light of the continuous decline in the value of the Lebanese pound.

Such a step, although necessary, indicates a decline in confidence in the Lebanese financial institutions. It also shows a complete absence of clear financial policies under the authority that deals with the issue as a reaction rather than an action.

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