The article discusses how money supply in Lebanon is influenced by the activities of the Bank of Lebanon, commercial banks, the public, and the foreign sector. A macro-economic model was used to show how these activities affect the money supply through the adjusted monetary base and money multipliers. The study found that changes in commercial banks' net foreign assets are linked to the Lebanese balance of payments, and less affected by differences in Euro-dollar rates and Bank of Lebanon discount rates. The research suggests that the Bank of Lebanon needs to improve its monetary policy to control the expansion of the monetary base, possibly by establishing a strong government bond market for better control of the money supply.