¤The lira at independence: tied to the French franc

At independence the Lebanese–Syrian lira issued by the "Banque de Syrie et du Liban" was tied to the French franc at 20 francs to the lira, and officially valued at about 2.2 lira to the dollar; issue remained in the hands of the French bank, and the lira stayed exposed to the franc's fluctuations until the monetary agreement with France in 1948.