Libyan Dinar Currency

Introduction

The official currency of Libya is the Libyan dinar having one Libyan dinar = 1000 Libyan dirhams. The Libya currency has undergone few changes, but the existing currency is the Libyan dinar. However, the recent exchange rates account as one United States dollar = 1.256 Libyan dinars.

The currency code of Libyan dinar is LYD and was introduced to replace the pound in 1971. The central Bank of Libya issued it and also supervised as well as regulated the credit and the banking system. The Libyan Arab Foreign Bank in 1972 was established to handle overseas investment.

History

The Libyan currency has undergone changes at times. They also had several currencies within the country for different regions. Until 1844, the Ottoman qirsh was used. In the year 1911, Italian lira was the currency as Italy took over. Later, in 1943 Libya was split into French and British territories.

The French territories employed their currency as Algerian francs, while the British employed lira issued by the British military. Once again the World War II brought changes to the currency of Libya to the British pound sterling. In 1951 Libya acquired independence and a new currency Libyan Pound was created.

This currency was associated to the sterling pound and had a rate = $2.80 U.S.dollars.

New Dinar

The Libyan pound retained its association until 1967 with the British pound sterling, but in 1971 the Libyan dinar was established. In 1971 September there was a change from Libyan pound to the Libyan dinar and this was declared official. However, locals still refer the currency as the pound.

The Central Bank of Libya in 1963 had the responsibility of issuing the Libyan dinar . They issued currency in coins and banknotes. The coins were in dirhams and in values 1, 5, 10, 20, 50 and 100. The paper money was in denominations 250 dirhams, 500 dirhams and dinars valued at 1, 5 as well as 10.

The banknotes have not been changed after the series 2 banknotes, except for the Muammar al-Gaddafi portrait on the front side as the new design.