It was formerly divided into 100 piastres (or qirsh in Arabic) but, because of high inflation during the Lebanese Civil War (1975–1990), subunits were discontinued.

The plural of lira is either lirat (ليرات līrāt) or invariant, whilst there are four forms for qirsh: the dual qirshān (قرشان) used with number 2, the plural qurush (قروش) used with numbers 3–10, the accusative singular qirshan (قرشًا) used with 11–99, and the genitive singular qirsh (قرش) used with multiples of 100.

[citation needed] In 1939, the Lebanese currency was officially separated from that of Syria, though it was still linked to the French franc and remained interchangeable with Syrian money.

[16] The platform was launched in June 2021 and became the official USD-to-lira exchange rate for all credit card transactions on 1 February 2022.

The Banque du Liban (Bank of Lebanon) was established by the Code of Money and Credit on 1 April 1964.

[24][needs update] On 1 February 2023, Lebanon lowered its official exchange rate for the first time in 25 years, reducing it by 90%.

[6] Despite this significant change, the local currency remains considerably undervalued compared to its market value.

[25] A popular saying, "There is no value," is commonly used to refer to the substantial price changes that have characterized daily life since late 2019.

It is a nominal balance stuck or frozen in the Lebanese banks, with currency value simply as a computer entry.

The lollar is not a tangible currency, but is a concept of an outstanding deposit in US dollars in Lebanese banks that can only be withdrawn in Lebanese pounds at a very reduced set rate[31] and considerably lower than the highly speculative black market rate, which is multiple times higher.

[32] The term was coined by Harvard University economic fellow Dan Azzi[33] after the Lebanese banks suffered serious difficulties and restricted the amount of US dollars and other foreign currencies they could pay to their depositors.

[34] The central bank implemented rigorous restrictions on withdrawals from foreign exchange accounts as they encountered significant difficulties in maintaining the value of the lira.

The major cause of the economic crisis was the implementation of the de facto capital controls, which greatly impacted the financial stability of the country.

[35] Transitioning to the U.S. dollar as the official currency is seen as an essential measure to address the ongoing severe crisis.