A Timeline of the Lebanese Lira: Key Events From 1997 to Today
For a deeper narrative on how the lira got here, see our full history piece. This is the quick-reference version.
1997
Banque du Liban fixes the lira at 1,507.5 LBP per US dollar, as part of a broader post-civil-war reconstruction and monetary stabilization strategy.
1997–2019
The peg holds for over two decades, supported by high interest rates on lira deposits and continued inflows of foreign currency into the banking sector.
October 2019
Amid a broader financial and political crisis, banks begin imposing informal capital controls, restricting withdrawals and transfers, particularly in foreign currency — despite no formal capital-control law being passed. A parallel market rate emerges and begins climbing above the peg.
2020–2021
The parallel rate climbs steeply as dollar liquidity outside the banking system remains scarce. Dollar-denominated bank deposits become effectively inaccessible at their nominal value, giving rise to the "lollar" concept.
Introduction of Sayrafa
Banque du Liban launches the Sayrafa electronic platform, an intermediate mechanism adjusted more frequently than the original peg, used for specific categories of transactions. See our Sayrafa explainer for details.
Continued crisis years
The parallel rate continues to move substantially over the following years as the broader economic and banking crisis persists, with dollarization becoming widespread in everyday commerce.
Today
The market rate remains the practical reference for day-to-day transactions. This site tracks it live, alongside a historical chart covering both the documented pre-2019 peg and tracked data going forward.
This is a general-purpose summary timeline for informational purposes, not an exhaustive economic history.