1.
Lebanon
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Lebanon, officially known as the Lebanese Republic, is a sovereign state in Western Asia. It is bordered by Syria to the north and east and Israel to the south, Lebanons location at the crossroads of the Mediterranean Basin and the Arabian hinterland facilitated its rich history and shaped a cultural identity of religious and ethnic diversity. At just 10,452 km2, it is the smallest recognized country on the entire mainland Asian continent, the earliest evidence of civilization in Lebanon dates back more than seven thousand years, predating recorded history. Lebanon was the home of the Canaanites/Phoenicians and their kingdoms, a culture that flourished for over a thousand years. In 64 BC, the region came under the rule of the Roman Empire, in the Mount Lebanon range a monastic tradition known as the Maronite Church was established. As the Arab Muslims conquered the region, the Maronites held onto their religion, however, a new religious group, the Druze, established themselves in Mount Lebanon as well, generating a religious divide that has lasted for centuries. During the Crusades, the Maronites re-established contact with the Roman Catholic Church, the ties they established with the Latins have influenced the region into the modern era. The region eventually was ruled by the Ottoman Empire from 1516 to 1918, following the collapse of the empire after World War I, the five provinces that constitute modern Lebanon came under the French Mandate of Lebanon. The French expanded the borders of the Mount Lebanon Governorate, which was populated by Maronites and Druze. Lebanon gained independence in 1943, establishing confessionalism, a unique, foreign troops withdrew completely from Lebanon on 31 December 1946. Lebanon has been a member of the Organisation internationale de la francophonie since 1973, despite its small size, the country has developed a well-known culture and has been highly influential in the Arab world. Before the Lebanese Civil War, the experienced a period of relative calm and renowned prosperity, driven by tourism, agriculture, commerce. At the end of the war, there were efforts to revive the economy. In spite of troubles, Lebanon has the highest Human Development Index and GDP per capita in the Arab world. The name of Mount Lebanon originates from the Phoenician root lbn meaning white, occurrences of the name have been found in different Middle Bronze Age texts from the library of Ebla, and three of the twelve tablets of the Epic of Gilgamesh. The name is recorded in Ancient Egyptian as Rmnn, where R stood for Canaanite L, the name occurs nearly 70 times in the Hebrew Bible, as לְבָנוֹן. The borders of contemporary Lebanon are a product of the Treaty of Sèvres of 1920 and its territory was the core of the Bronze Age Phoenician city-states. After the 7th-century Muslim conquest of the Levant, it was part of the Rashidun, Umyayad, Abbasid Seljuk, with the dissolution of the Ottoman Empire, Greater Lebanon fell under French mandate in 1920, and gained independence under president Bechara El Khoury in 1943
2.
Central bank
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A central bank, reserve bank, or monetary authority is an institution that manages a states currency, money supply, and interest rates. Central banks also usually oversee the commercial banking system of their respective countries, Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists, prior to the 17th century most money was commodity money, typically gold or silver. However, promises to pay were widely circulated and accepted as value at least five hundred years earlier in both Europe and Asia. The Song dynasty was the first to issue generally circulating paper currency, in 1455, in an effort to control inflation, the succeeding Ming Dynasty ended the use of paper money and closed much of Chinese trade. The Bank of Amsterdam, established in the Dutch Republic in 1609, is considered to be the forerunner to modern central banks. The Wisselbanks innovations helped lay the foundations for the birth and development of the banking system that now plays a vital role in the worlds economy. Along with a number of local banks, it performed many functions of a central banking system. Lucien Gillard calls it the European guilder, and Adam Smith devotes many pages to explaining how the bank guilder works, the model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden and the Bank of England. Established by Dutch-Latvian Johan Palmstruch in 1668, Sveriges Riksbank is often considered by many as the worlds oldest central bank, the lenders would give the government cash and also issue notes against the government bonds, which could be lent again. A Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue banknotes. The £1. 2M was raised in 12 days, half of this was used to rebuild the Navy and these modern central banking functions evolved slowly through the 18th and 19th centuries. The currency crisis of 1797, caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment. The bank was accused by the bullionists of causing the exchange rate to fall from over issuing banknotes. Nevertheless, it was clear that the Bank was being treated as an organ of the state, henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent of the real bills doctrine, he was a defender of the bullionist position, thorntons process of monetary expansion anticipated the theories of Knut Wicksell regarding the cumulative process which restates the Quantity Theory in a theoretically coherent form. Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. Under this law, authorisation to issue new banknotes was restricted to the Bank of England, at the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt
3.
United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
4.
World War I
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World War I, also known as the First World War, the Great War, or the War to End All Wars, was a global war originating in Europe that lasted from 28 July 1914 to 11 November 1918. More than 70 million military personnel, including 60 million Europeans, were mobilised in one of the largest wars in history and it was one of the deadliest conflicts in history, and paved the way for major political changes, including revolutions in many of the nations involved. The war drew in all the worlds great powers, assembled in two opposing alliances, the Allies versus the Central Powers of Germany and Austria-Hungary. These alliances were reorganised and expanded as more nations entered the war, Italy, Japan, the trigger for the war was the assassination of Archduke Franz Ferdinand of Austria, heir to the throne of Austria-Hungary, by Yugoslav nationalist Gavrilo Princip in Sarajevo on 28 June 1914. This set off a crisis when Austria-Hungary delivered an ultimatum to the Kingdom of Serbia. Within weeks, the powers were at war and the conflict soon spread around the world. On 25 July Russia began mobilisation and on 28 July, the Austro-Hungarians declared war on Serbia, Germany presented an ultimatum to Russia to demobilise, and when this was refused, declared war on Russia on 1 August. Germany then invaded neutral Belgium and Luxembourg before moving towards France, after the German march on Paris was halted, what became known as the Western Front settled into a battle of attrition, with a trench line that changed little until 1917. On the Eastern Front, the Russian army was successful against the Austro-Hungarians, in November 1914, the Ottoman Empire joined the Central Powers, opening fronts in the Caucasus, Mesopotamia and the Sinai. In 1915, Italy joined the Allies and Bulgaria joined the Central Powers, Romania joined the Allies in 1916, after a stunning German offensive along the Western Front in the spring of 1918, the Allies rallied and drove back the Germans in a series of successful offensives. By the end of the war or soon after, the German Empire, Russian Empire, Austro-Hungarian Empire, national borders were redrawn, with several independent nations restored or created, and Germanys colonies were parceled out among the victors. During the Paris Peace Conference of 1919, the Big Four imposed their terms in a series of treaties, the League of Nations was formed with the aim of preventing any repetition of such a conflict. This effort failed, and economic depression, renewed nationalism, weakened successor states, and feelings of humiliation eventually contributed to World War II. From the time of its start until the approach of World War II, at the time, it was also sometimes called the war to end war or the war to end all wars due to its then-unparalleled scale and devastation. In Canada, Macleans magazine in October 1914 wrote, Some wars name themselves, during the interwar period, the war was most often called the World War and the Great War in English-speaking countries. Will become the first world war in the sense of the word. These began in 1815, with the Holy Alliance between Prussia, Russia, and Austria, when Germany was united in 1871, Prussia became part of the new German nation. Soon after, in October 1873, German Chancellor Otto von Bismarck negotiated the League of the Three Emperors between the monarchs of Austria-Hungary, Russia and Germany
5.
Egyptian pound
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The Egyptian pound is the currency of Egypt. It is divided into 100 piastres, or ersh, or 1,000 millimes, the Egyptian pound is frequently abbreviated as LE or L. E. which stands for livre égyptienne. E£ and £E are commonly used on the internet, the name Genēh is derived from the Guinea coin, which had almost the same value of 100 piastres at the end of the 19th century. In 1834, a Khedival Decree was issued providing for the issuing of an Egyptian currency based on a base, i. e. based on gold. The Egyptian pound, known as the geneih, was introduced, the piastre continued to circulate as 1⁄100 of a pound, with the piastre subdivided into 40 para. In 1885, the para ceased to be issued, and the piastre was divided into tenths and these tenths were renamed milliemes in 1916. The legal exchange rates were fixed by force of law for important foreign currencies which became acceptable in the settlement of internal transactions, eventually this led to Egypt using a de facto gold standard between 1885 and 1914, with E£1 =7.4375 grams pure gold. At the outbreak of World War I, the Egyptian pound was pegged to the British pound sterling at EG£0.975 per GB£1. Egypt remained part of the Sterling Area until 1962, when Egypt devalued slightly and switched to a peg to the United States dollar and this peg was changed to 1 pound =2.55555 dollars in 1973 when the dollar was devalued. The pound was devalued in 1978 to a peg of 1 pound =1.42857 dollars. However, until 2001, the float was tightly managed by the Central Bank of Egypt and foreign exchange controls were in effect. The Central Bank of Egypt voted to end the regime and allowed the pound to float freely on 3 November 2016. The Egyptian pound was used in Anglo-Egyptian Sudan between 1899 and 1956, and Cyrenaica when it was under British occupation and later an independent emirate between 1942 and 1951. The National Bank of Egypt issued banknotes for the first time on 3 April 1899, the Central Bank of Egypt and the National Bank of Egypt were unified into the Central Bank of Egypt in 1961. Several unofficial popular names are used to refer to different values of Egyptian currency and these include nekla for 2 milliemes, tarifa for 5 milliemes, shelen for 5 piastres, bariza for 10 piastres, and reyal for 20 piastres. Since the piaster and millieme are no legal tender, the smallest denomination currently minted being the 50-piaster coin. A few have survived to refer to pounds, bariza now refers to a ten-pound note and reyal can be used in reference to a 20-pound note. Different sums of EGP have special nicknames, for example,1,000 EGP baku pack,1,000,000 EGP arnab rabbit,1,000,000,000 EGP feel elephant
6.
Syria
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Syrias capital and largest city is Damascus. Religious groups include Sunnis, Christians, Alawites, Druze, Mandeans, Shiites, Salafis, Sunni Arabs make up the largest religious group in Syria. Its capital Damascus and largest city Aleppo are among the oldest continuously inhabited cities in the world, in the Islamic era, Damascus was the seat of the Umayyad Caliphate and a provincial capital of the Mamluk Sultanate in Egypt. The post-independence period was tumultuous, and a number of military coups. In 1958, Syria entered a union with Egypt called the United Arab Republic. Syria was under Emergency Law from 1963 to 2011, effectively suspending most constitutional protections for citizens, Bashar al-Assad has been president since 2000 and was preceded by his father Hafez al-Assad, who was in office from 1970 to 2000. Mainstream modern academic opinion strongly favours the argument that the Greek word is related to the cognate Ἀσσυρία, Assyria, in the past, others believed that it was derived from Siryon, the name that the Sidonians gave to Mount Hermon. However, the discovery of the inscription in 2000 seems to support the theory that the term Syria derives from Assyria. The area designated by the word has changed over time, since approximately 10,000 BC, Syria was one of centers of Neolithic culture where agriculture and cattle breeding appeared for the first time in the world. The following Neolithic period is represented by houses of Mureybet culture. At the time of the pre-pottery Neolithic, people used vessels made of stone, gyps, finds of obsidian tools from Anatolia are evidences of early trade relations. Cities of Hamoukar and Emar played an important role during the late Neolithic, archaeologists have demonstrated that civilization in Syria was one of the most ancient on earth, perhaps preceded by only those of Mesopotamia. The earliest recorded indigenous civilisation in the region was the Kingdom of Ebla near present-day Idlib, gifts from Pharaohs, found during excavations, confirm Eblas contact with Egypt. One of the earliest written texts from Syria is an agreement between Vizier Ibrium of Ebla and an ambiguous kingdom called Abarsal c.2300 BC. The Northwest Semitic language of the Amorites is the earliest attested of the Canaanite languages, Mari reemerged during this period, and saw renewed prosperity until conquered by Hammurabi of Babylon. Ugarit also arose during this time, circa 1800 BC, close to modern Latakia, Ugaritic was a Semitic language loosely related to the Canaanite languages, and developed the Ugaritic alphabet. The Ugarites kingdom survived until its destruction at the hands of the marauding Indo-European Sea Peoples in the 12th century BC, Yamhad was described in the tablets of Mari as the mightiest state in the near east and as having more vassals than Hammurabi of Babylon. Yamhad imposed its authority over Alalakh, Qatna, the Hurrians states, the army of Yamhad campaigned as far away as Dēr on the border of Elam
7.
France
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France, officially the French Republic, is a country with territory in western Europe and several overseas regions and territories. The European, or metropolitan, area of France extends from the Mediterranean Sea to the English Channel and the North Sea, Overseas France include French Guiana on the South American continent and several island territories in the Atlantic, Pacific and Indian oceans. France spans 643,801 square kilometres and had a population of almost 67 million people as of January 2017. It is a unitary republic with the capital in Paris. Other major urban centres include Marseille, Lyon, Lille, Nice, Toulouse, during the Iron Age, what is now metropolitan France was inhabited by the Gauls, a Celtic people. The area was annexed in 51 BC by Rome, which held Gaul until 486, France emerged as a major European power in the Late Middle Ages, with its victory in the Hundred Years War strengthening state-building and political centralisation. During the Renaissance, French culture flourished and a colonial empire was established. The 16th century was dominated by civil wars between Catholics and Protestants. France became Europes dominant cultural, political, and military power under Louis XIV, in the 19th century Napoleon took power and established the First French Empire, whose subsequent Napoleonic Wars shaped the course of continental Europe. Following the collapse of the Empire, France endured a succession of governments culminating with the establishment of the French Third Republic in 1870. Following liberation in 1944, a Fourth Republic was established and later dissolved in the course of the Algerian War, the Fifth Republic, led by Charles de Gaulle, was formed in 1958 and remains to this day. Algeria and nearly all the colonies became independent in the 1960s with minimal controversy and typically retained close economic. France has long been a centre of art, science. It hosts Europes fourth-largest number of cultural UNESCO World Heritage Sites and receives around 83 million foreign tourists annually, France is a developed country with the worlds sixth-largest economy by nominal GDP and ninth-largest by purchasing power parity. In terms of household wealth, it ranks fourth in the world. France performs well in international rankings of education, health care, life expectancy, France remains a great power in the world, being one of the five permanent members of the United Nations Security Council with the power to veto and an official nuclear-weapon state. It is a member state of the European Union and the Eurozone. It is also a member of the Group of 7, North Atlantic Treaty Organization, Organisation for Economic Co-operation and Development, the World Trade Organization, originally applied to the whole Frankish Empire, the name France comes from the Latin Francia, or country of the Franks
8.
French franc
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The franc, also commonly distinguished as the French franc, was a currency of France. Between 1450 and 1999, it was the name of coins worth 1 livre tournois and it was revalued in 1960, with each new franc being worth 100 old francs. The French franc was a commonly held reserve currency of reference in the 19th and 20th centuries. The first franc was a gold coin introduced in 1360 to pay the Ransom of King John II of France and this coin secured the kings freedom and showed him on a richly decorated horse earning it the name franc à cheval. The obverse legend, like other French coins, gives the title as Francorum Rex. Its value was set as one livre tournois, john’s son, Charles V, continued this type. It was copied exactly at Brabant and Cambrai and, with the arms on the horse cloth changed, conquests led by Joan of Arc allowed Charles VII to return to sound coinage and he revived the franc à cheval. John II, however, was not able to strike enough francs to pay his ransom, John II died as a prisoner in England and his son, Charles V was left to pick up the pieces. Charles V pursued a policy of reform, including stable coinage, an edict dated 20 April 1365 established the centerpiece of this policy, a gold coin officially called the denier d’or aux fleurs de lis which had a standing figure of the king on its obverse. Its value in money of account was one livre tournois, just like the franc à cheval, in accordance with the theories of the mathematician, economist and royal advisor Nicolas Oresme, Charles struck fewer coins of better gold than his predecessors. In the accompanying deflation both prices and wages fell, but wages fell faster and debtors had to settle up in better money than they had borrowed, the Mayor of Paris, Etienne Marcel, exploited their discontent to lead a revolt which forced Charles V out of the city. The States General which met at Blois in 1577 added to the pressure to stop currency manipulation. Henry III agreed to do this and he revived the franc and this coin and its fractions circulated until 1641 when Louis XIII of France replaced it with the silver Écu. Nevertheless, the franc continued in accounting as a synonym for the livre tournois. The decimal franc was established as the currency by the French Revolutionary Convention in 1795 as a decimal unit of 4.5 g of fine silver. This was slightly less than the livre of 4.505 g, silver coins now had their denomination clearly marked as “5 FRANCS” and it was made obligatory to quote prices in francs. e. Coinage with explicit denominations in decimal fractions of the franc also began in 1795, decimalization of the franc was mandated by an act of 7 April 1795, which also dealt with of weights and measures. France’s first decimal coinage used allegorical figures symbolizing revolutionary principles, like the designs the United States had adopted in 1793
9.
Nazi Germany
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Nazi Germany is the common English name for the period in German history from 1933 to 1945, when Germany was governed by a dictatorship under the control of Adolf Hitler and the Nazi Party. Under Hitlers rule, Germany was transformed into a fascist state in which the Nazi Party took totalitarian control over all aspects of life. The official name of the state was Deutsches Reich from 1933 to 1943, the period is also known under the names the Third Reich and the National Socialist Period. The Nazi regime came to an end after the Allied Powers defeated Germany in May 1945, Hitler was appointed Chancellor of Germany by the President of the Weimar Republic Paul von Hindenburg on 30 January 1933. The Nazi Party then began to eliminate all opposition and consolidate its power. Hindenburg died on 2 August 1934, and Hitler became dictator of Germany by merging the powers and offices of the Chancellery, a national referendum held 19 August 1934 confirmed Hitler as sole Führer of Germany. All power was centralised in Hitlers person, and his word became above all laws, the government was not a coordinated, co-operating body, but a collection of factions struggling for power and Hitlers favour. In the midst of the Great Depression, the Nazis restored economic stability and ended mass unemployment using heavy military spending, extensive public works were undertaken, including the construction of Autobahnen. The return to economic stability boosted the regimes popularity, racism, especially antisemitism, was a central feature of the regime. The Germanic peoples were considered by the Nazis to be the purest branch of the Aryan race, millions of Jews and other peoples deemed undesirable by the state were murdered in the Holocaust. Opposition to Hitlers rule was ruthlessly suppressed, members of the liberal, socialist, and communist opposition were killed, imprisoned, or exiled. The Christian churches were also oppressed, with many leaders imprisoned, education focused on racial biology, population policy, and fitness for military service. Career and educational opportunities for women were curtailed, recreation and tourism were organised via the Strength Through Joy program, and the 1936 Summer Olympics showcased the Third Reich on the international stage. Propaganda minister Joseph Goebbels made effective use of film, mass rallies, the government controlled artistic expression, promoting specific art forms and banning or discouraging others. Beginning in the late 1930s, Nazi Germany made increasingly aggressive territorial demands and it seized Austria and Czechoslovakia in 1938 and 1939. Hitler made a pact with Joseph Stalin and invaded Poland in September 1939. In alliance with Italy and smaller Axis powers, Germany conquered most of Europe by 1940, reichskommissariats took control of conquered areas, and a German administration was established in what was left of Poland. Jews and others deemed undesirable were imprisoned, murdered in Nazi concentration camps and extermination camps, following the German invasion of the Soviet Union in 1941, the tide gradually turned against the Nazis, who suffered major military defeats in 1943
10.
Lebanese Civil War
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The Lebanese Civil War was a multifaceted civil war in Lebanon, lasting from 1975 to 1990 and resulting in an estimated 120,000 fatalities. As of 2012, approximately 76,000 people remain displaced within Lebanon, there was also an exodus of almost one million people from Lebanon as a result of the war. The government of Lebanon had been run under a significant influence of the elites among the Maronite Christians, however, the country had a large Muslim population and many pan-Arabist and left-wing groups opposed the pro-western government. Fighting between Maronite and Palestinian forces began in 1975, then Leftist, pan-Arabist and Muslim Lebanese groups formed an alliance with the Palestinians, during the course of the fighting, alliances shifted rapidly and unpredictably. Furthermore, foreign powers, such as Israel and Syria, became involved in the war, Peace keeping forces, such as the Multinational Force in Lebanon & UNIFIL, were also stationed in Lebanon. The 1989 Taif Agreement marked the beginning of the end of the fighting, in January 1989, a committee appointed by the Arab League began to formulate solutions to the conflict. In March 1991, parliament passed an amnesty law that all political crimes prior to its enactment. In May 1991, the militias were dissolved, with the exception of Hezbollah, religious tensions between Sunnis and Shias remained after the war. An 1860 civil war between Druze and Maronites erupted in the Ottoman Mutasarrifate of Mount Lebanon, which had been divided between them in 1842 and it resulted in the massacre of about 10,000 Christians and at least 6,000 Druzes. The 1860 war was considered by the Druze as a military victory, World War I was hard for the Lebanese. While the rest of the world was occupied with the World War, with the defeat and dissolution of the Ottoman Empire, Turkish rule ended. France took control of the area under the French Mandate for Syria, the French created the state of Greater Lebanon as a safe haven for the Maronites, but included a large Muslim population within the borders. In 1926, Lebanon was declared a republic, and a constitution was adopted, however, the constitution was suspended in 1932. Various factions sought unity with Syria, or independence from the French, in 1934, the countrys first census was conducted. In 1936, the Maronite Phalange party was founded by Pierre Gemayel, World War II and the 1940s brought great change to Lebanon and the Middle East. Lebanon was promised independence and on 22 November 1943, during World War II, Free French troops, who had invaded Lebanon in 1941 to rid Beirut of the Vichy French forces, left the country in 1946. The Maronites assumed power over the country and economy, a parliament was created, in which both Muslims and Christians each had a set quota of seats. Accordingly, the President was to be a Maronite, the Prime Minister a Sunni Muslim, the United Nations Partition Plan for Palestine in late 1947 led to civil war in Palestine, the end of Mandatory Palestine, and the Israeli Declaration of Independence on 14 May 1948
11.
Banknote
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A banknote is a type of negotiable instrument known as a promissory note, made by a bank, payable to the bearer on demand. Banknotes were originally issued by banks, who were legally required to redeem the notes for legal tender when presented to the chief cashier of the originating bank. These commercial banknotes only traded at face value in the served by the issuing bank. Commercial banknotes have primarily been replaced by national banknotes issued by central banks, national banknotes are generally legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Historically, banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment and this practice of backing notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat, with the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values. The idea of using a durable light-weight substance as evidence of a promise to pay a bearer on demand originated in China during the Han Dynasty in 118 BC, the first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, during the Yuan Dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by such as Marco Polo. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency and it is countered by anticounterfeiting measures in the printing of banknotes. Fighting the counterfeiting of banknotes and cheques has been a driver of security printing methods development in recent centuries. Paper currency first developed in the Tang Dynasty China during the 7th century, although true paper money did not appear until the 11th century, the usage of paper currency later spread throughout the Mongol Empire. European explorers like Marco Polo introduced the concept in Europe during the 13th century, napoleon issued paper banknotes in the early 1800s. Paper money originated in two forms, drafts, which are receipts for value held on account, and bills, the perception of banknotes as money has evolved over time. Originally, money was based on precious metals, Banknotes were seen as essentially an I. O. U. or promissory note, a promise to pay someone in precious metal on presentation. With the gradual removal of precious metals from the system, banknotes evolved to represent credit money. Notes or bills were referred to in 18th century novels and were often a key part of the plot such as a note drawn by Lord X for £100 which becomes due in 3 months time. Its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants, before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle
12.
Economy of Lebanon
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The economy of Lebanon is a developing economy, with a private sector that contributes to 75% of aggregate demand and a large banking sector that supports this demand. The IMF forecast a growth of 7% for Lebanons real GDP in 2010 and 2011 following 9% growth in 2009 and 8. 5% in 2008. It has the 54th richest GDP per capita in the world, however, the Lebanese economy was badly affected by the Syrian civil war. The institute of international finance forecasted a GDP growth of 0. 7% for 2013, the major industrial sectors include metal products, banking, agriculture, chemicals, and transport equipment. Lebanon has a competitive and free market regime and a strong laissez-faire commercial tradition, the Lebanese economy is service-oriented, main growth sectors include banking and tourism. There are no restrictions on foreign exchange or capital movement and this is a chart of trend of gross domestic product of Lebanon at market prices estimated by the International Monetary Fund with figures in millions of Lebanese Pounds. For purchasing power parity comparisons, the US Dollar is exchanged at 1,403.29 Lebanese Pounds only, mean wages were $8.95 per man-hour in 2009. After the war, the government regained its ability to collect taxes and control over key port. As a result, GDP per capita expanded 353% in the 1990s, Lebanons economy has made impressive gains since the launch of Horizon 2000, the governments $20 billion reconstruction program in 1993. Real GDP grew 8% in 1994 and 7% in 1995 before Israels Operation Grapes of Wrath in April 1996 stunted economic activity, real GDP grew at an average annual rate of less than 3% per year for 1997 and 1998 and only 1% in 1999. During 1992-98, annual inflation fell from more than 100% to 5%, burgeoning capital inflows have generated foreign payments surpluses, and the Lebanese pound has remained relatively stable. Progress also has made in rebuilding Lebanons war-torn physical and financial infrastructure. The government nonetheless faces serious challenges in the economic arena and it has had to fund reconstruction by tapping foreign exchange reserves and boosting borrowing. Reducing the government budget deficit is a goal of the current government. After the end of the war, Lebanon enjoyed considerable stability, Beiruts reconstruction was almost complete. The month-long 2006 war severely damaged Lebanons economy, especially the tourism sector, over the course of 2008 Lebanon rebuilt its infrastructure mainly in the real estate and tourism sectors, resulting in a comparatively robust post war economy. Major contributors to the reconstruction of Lebanon include Saudi Arabia, the European Union and these regulations have generally left Lebanese banks unscathed by the Financial crisis of 2007–2010. Lebanese banks remain, under the current circumstances, high on liquidity, in late 2008, Moodys shifted Lebanons sovereign rankings from stable to positive, acknowledging its financial security
Lebanon
