The one million lira denomination will soon be available in Lebanese markets

The Lebanese Parliament announced, during its legislative session today, Monday, the amendment of some paragraphs of a lawMonetary and Credit Council , allowingBanque du Liban may issue banknotes of high denominationincluding500 thousand, one million, and 5 million Lebanese pounds.

 And that this amendment  in light of the continued deterioration of the value of the national currency, which made it difficult to deal daily with paper money as a result of high inflation, especially in cash payments or non-bank transfers. The Board statedThe project contained in Decree No. 9109, and related toRequesting a License for the Lebanese Government to Sign a Headquarters Agreement with the Arab Organization for Agricultural Development, allowing the organization to take Lebanon as its official headquarters within specific legal and regulatory conditions.

Since 2019, Lebanon has suffered fromStifling financial and economic crisisIt is among the worst in the world according to the World Bank, with the Lebanese pound losing more than 95% of its value against the dollar in the parallel market. This led to an unprecedented rise in prices, which necessitatedExpanding the paper money supplyTo facilitate daily transactions, especially with the lack of confidence in the banking sector and the continued restrictions  .