Currency round-up: Lebanon considers new high-denomination notes

Lebanon: The Lebanese parliament is to consider authorising new high-denomination banknotes. Two parliamentary committees approved draft legislation on May 23, sending it to the full house.

According to a report by the National News Agency, the draft text allows the central bank to determine the value of the new banknotes. Other sources indicate the law authorises L£500,000 and L£1 million denominations.

The Bank of Lebanon currently circulates the Lebanese pound in six denominations, with the L£100,000 ($6.64) note as the highest-value note.

The central bank devalued the Lebanese pound in February, by about 90% at the official exchange rate. Inflation was almost 270% year on year in April, according to official statistics.

South Africa: The South African Reserve Bank introduced upgraded versions of its banknote and coin issues on May 4.

The Sarb has incorporated several new visual aids for the partially sighted. These include improved colours, large numbers, distinctive shapes, raised print and upgraded tactile features.

The central bank has added text from the preamble of the 1996 constitution “in micro-lettering”.

The coins also include new tactile features for the partially sighted along the rim.

The previous banknote issue debuted in 2012, with a commemorative series in 2018. These notes remain legal tender.

South African banknotes continue featuring Nelson Mandela on the front, and the “big five animals” – the lion, leopard, rhinoceros, buffalo and elephant – on the reverse.

Argentina: The Central Bank of Argentina announced the new 2,000 peso banknote has entered circulation. The new banknote, first revealed in February, becomes the highest-denomination peso note.

The note features Cecilia Grierson, the first Argentine woman to become a medical doctor, and Ramón Carrillo, health minister between 1946 and 1954.

At the free market exchange rate, the new note is worth slightly more than $4. Inflation reached 108.8% year on year in April.

Jamaica: Finance minister Nigel Clarke has said no-one will be obliged the use the country’s new Jam-Dex central bank digital currency. Clarke was responding to a comment on Twitter from Bruce Golding, leader of the opposition, who said “digital currency must be an option not a mandate”.

The finance minister retorted: “There is NO digital currency mandate.” He also denied there were any problems with the country’s new banknote issue. Golding had claimed the new notes were incompatible with Jamaican ATMs.

The Bank of Jamaica is launching the new banknote series this summer. The central bank launched Jam-Dex in July 2022.

Samoa: The Central Bank of Samoa has unveiled a new commemorative note, produced by UK printer De La Rue.

The 60 tala ($22) banknote marks the 60^th anniversary of Samoan independence. It features the incumbent prime minister, Fiame Naomi Mataafa on its face.

On the reverse, the note carries an image of Fiame Mataaga Faumuina Mulinuu II, the first prime minister of independent Samoa and the current premier’s father.

Latvia: The Bank of Latvia is issuing a €2 coin in support of Ukraine. The coin, which goes into circulation on May 30, features a sunflower design on the reverse, and the legend “Glory to Ukraine”. The sunflower is a symbol of Ukraine.

The central bank will issue 400,000 of the €2 coins for circulation, and another 15,000 to be sold as gifts.

Latvia’s central bank issued a silver Ukraine coin last year, “For the Freedom of Ukraine”. The coin has a nominal value of €5.