New Lebanese Pound? - The Orange Room

CPL

I'm sure everyone at some moment thought that we should change the currency we have, just for the sake of comfortability and logic.

So my question is: why don't we do a new Lebanese Pound?

Here's my suggestion:

Basically, in our every day life, the 1000 LL is the unit we use (the unit is theoretically 1 LL).

So if we divide by 1000 we can get:

1,000 LBP --> 1 New LBP
5,000 LBP --> 5 New LBP
10,000 LBP --> 10 New LBP
20,000 LBP --> 20 New LBP
50,000 LBP --> 50 New LBP
100,000 --> 100 New LBP

Every New pound is divided into 100 pence, hence the current coins that we have today would be:

500 LBP --> 50 New Pence
250 LBP --> 25 New Pence
100 LBP --> 10 New Pence
50 LBP --> 5 New Pence

And of course, we can issue new values such as 1 Pence and 2 New LBP.

The value remains the same (it will always buy you the same number of bananas), this is done in many countries, and I don't know why it's not done here yet.

fidelio

Quote:

Originally Posted by CPL

this is done in many countries, and I don't know why it's not done here yet.

Because Berri closed the parliament, HA still insist on having long range missiles and an armed militia, tent city is a tumor on Beirut's heart and Aoun signed an MOU with Hezbollah.
But all an'all it's a good suggestion.

Lallous

They also should cut the money bills size. I still remember the 100 000 LBP as large as a kitchen paper.

But what you proposed would never happen soon as Lebanon is still facing major inflation problems.

Chief

good proposal CPL, however this should be complemented by a similar strategy for the prices of goods or else its more n more inflation. u remember in europe when they shifted to the euro currency, they only changed the unit of the prices of good, hence 1FF (for ex) was equal to 1 euro and that is still creating problems

CPL

Quote:

Originally Posted by Chief

good proposal CPL, however this should be complemented by a similar strategy for the prices of goods or else its more n more inflation. u remember in europe when they shifted to the euro currency, they only changed the unit of the prices of good, hence 1FF (for ex) was equal to 1 euro and that is still creating problems

What is our inflation rate? Does anyone have a graph or something?

Either way Chiefo, it's still good to divide by 1000, and when inflation goes higher 1000 times more later, then we divide again by 1000.

I mean if now a banana costs 1,000 LL, it's better for it in 15 years to cost 1,000 NLBP instead of 1,000,000 LL (a USD Millionaire would have then 1,500,000,000,000 LL)

And for sure we don't want to end up like this:

The whole point is for comfortability, as it helps along the way.

lady_forever

Quote:

Originally Posted by CPL

I'm sure everyone at some moment thought that we should change the currency we have, just for the sake of comfortability and logic.

So my question is: why don't we do a new Lebanese Pound?

Here's my suggestion:

Basically, in our every day life, the 1000 LL is the unit we use (the unit is theoretically 1 LL).

So if we divide by 1000 we can get:

1,000 LBP --> 1 New LBP
5,000 LBP --> 5 New LBP
10,000 LBP --> 10 New LBP
20,000 LBP --> 20 New LBP
50,000 LBP --> 50 New LBP
100,000 --> 100 New LBP

Every New pound is divided into 100 pence, hence the current coins that we have today would be:

500 LBP --> 50 New Pence
250 LBP --> 25 New Pence
100 LBP --> 10 New Pence
50 LBP --> 5 New Pence

And of course, we can issue new values such as 1 Pence and 2 New LBP.

The value remains the same (it will always buy you the same number of bananas), this is done in many countries, and I don't know why it's not done here yet.

cause when you say i earn 2 million ll you feel you are soo rich..lol joking...true it should be divided that way to make things easier to count like the turkish lira ..i remember when i travelled there like 6 years ago i had to count lots of money which really confused me..for example to go on a bus i had to pay 700 000 turkish lira once i paid him million was waiting for him to give me back the 300 000 which made him really angry when i asked him ..then i learned that it doesnt even buy a chewing gum the one that we pay for it 250

NASR_MIN_ALLAH

dividing by 1000 is a bit too much,

i'd say divide by 100.

ya3neh 100,200... and so on