Libyan dinar

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Libyan dinar
دينار ليبي (Arabic)
1 dinar banknote of revised series 4, featuring Muammar al-Gaddafi
1 dinar banknote of revised series 4, featuring Muammar al-Gaddafi
ISO 4217 Code LYD
User(s) Libya
Inflation -1%
Source The World Factbook, 2005 est.
Subunit
1/1000 dirham
Symbol LD and ل.د
Coins 1, 5, 10, 20, 50, 100 dirhams ¼, ½, dinars
Banknotes ¼, ½, 1, 5, 10, 20 dinars
Central bank Central Bank of Libya
Website www.cbl-ly.com

The Libyan dinar (Arabic:الدينار الليبي)is the legal currency of Libya. Its ISO 4217 code is "LYD". One Libyan dinar equals 1000 Libyan dirhams. It is issued solely by the Central Bank of Libya.

Contents

[edit] History

When Libya was a part of the Ottoman Empire, the country used the Ottoman qirsh (XOTP), issuing some coins locally until 1844. When Italy took over the country in 1911, the Italian lira was introduced. In 1943, Libya was split into French and British mandate territories. Algerian francs were used in the French mandate, whilst lira issued by the British Military Authorities were used in the British mandate.

When Libya became independent in 1951, the Libyan pound (LYP) was introduced, at a rate of 1 pound = 480 lire = 980 francs. The LYP was divided into 100 piastres and 1000 milliemes. In 1971, the country replaced the pound, at par, with the dinar. The dirham replaced the millieme.

The bank of issue is the Central Bank of Libya, which also supervises the banking system and regulates credit. In 1972 the Libyan Arab Foreign Bank was established to deal with overseas investment.

[edit] Coins

For a few decades, there have been 2 series of coins, one in 1975, another in 1979. The main difference is that a horseman replaced the coat of arms of the Federation of Arab Republics (the coat of arms is not to be confused with the current coat of arms of Libya, and the federation is not to be confused with the United Arab Republic.). Both series consist of 1, 5, 10, 20, 50, 100 dirhams

¼ and ½ dinar coins were issued recently. [1]

[edit] Banknotes

Banknote Series of Libyan dinar
Series Denominations Color Issued Date Note
1 ¼, ½, 1, 5, and 10 dinars One for each value 1971 – 1972
2 Green for all denominations 1980 – 1981
3 Green as the dominant color for all denomination. Each had its own minor color. 1984
4 Multicolor on ¼, ½, and 5 dinars, one predominant color on 1 and 10 dinars. 1988 –ca. 1990
4, revised Slight change ca. 1991 – 1993 English text on ¼, ½, and 5 dinars was removed
5 ¼, ½, 1, 5, 10, and 20 dinars Multicolor for all denominations 2002
6 1, 5, 10 dinars One for each value (somewhat reverted to series 4 color for 1 and 10 dinars) 2004 Easily visible foil or hologram on upper left on obverse as the new anti-counterfeit device

The subject depicted on the banknotes have not changed much since series 2. Portrait of Muammar al-Gaddafi became the new obverse design of the 1 dinar note of series 4.

Current LYD exchange rates
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[edit] References

  1. ^ Central Bank Of Libya (2004). New Currency. Retrieved on 2006-08-08.


Dinars
Current Algerian dinar | Bahraini dinar | Islamic gold dinar | Iraqi dinar | Jordanian dinar | Kuwaiti dinar | Libyan dinar | Macedonian denar | Tunisian dinar | Serbian dinar | Sudanese dinar
Defunct Abu Dhabi dinar | Bosnia and Herzegovina dinar | Croatian dinar | Krajina dinar | Republika Srpska dinar | South Arabian dinar | South Yemeni dinar | Yugoslav dinar
As subunit Iranian rial
See also E-dinar
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Currencies of Africa
North Algerian dinar | Euro (Plaza de soberanía) | Egyptian pound | Libyan dinar | Mauritanian ouguiya | Moroccan dirham | Sudanese dinar | Sudanese pound | Tunisian dinar
Central Angolan kwanza | Burundian franc | Central African CFA franc (Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, and Gabon) | Congolese franc | Rwandan franc
West Cape Verdean escudo | Euro (Canary Islands, Madeira) | Gambian dalasi | Ghanaian cedi | Guinean franc | Liberian dollar | Nigerian naira | São Tomé and Príncipe dobra | Sierra Leonean leone | West African CFA franc (Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo)
East Comorian franc | Djiboutian franc | Eritrean nakfa | Ethiopian birr | Kenyan shilling | Seychellois rupee | Somali shilling | Somaliland shilling | Tanzanian shilling | Ugandan shilling
South Botswana pula | Euro (Mayotte, Réunion) | Lesotho loti | Malawian kwacha | Madagascan ariary | Mauritian rupee | Mozambican metical | Namibian dollar | Saint Helena pound | South African rand | Swazi lilangeni | Zambian kwacha | Zimbabwean dollar
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