The Libyan dinar is the official currency of the Republic of Libya. The ISO 4217 code is LYD. The symbol is the abbreviation LD or ل.د.
The Libyan dinar is only valid in Libya and is not related to any other currency. However, since “dinar” is a common currency denomination in many Arab countries, the exact country assignment must be retained.
1 Libyan dinar is divided into 1000 dirhams. Dirham coins are still often referred to as piasters for traditional reasons. There are also historical reasons for the typical name of a Libyan dinar, “pound”.
There are currently 5, 10, 20, 50, 100, 250 and 500 dirham coins as well as new ¼ and ½ Libyan dinar coins in circulation. However, these only play a subordinate role in daily life. More important, the banknotes worth ¼, ½, 1, 5, 10, 20 and now 50 are Libyan Dinar.
History of Libyan currency
The long checkered history of this country can be well measured using the currency understand. While piasters and lira were used during centuries of foreign rule by the Ottomans and Italians, independence in 1951 also brought the Libyan pound as a new currency.
After the revolution and seizure of power by Gaddafi, the Libyan dinar was officially introduced in 1971. After Gaddafi’s regime was liberated in 2011, one of the tasks of the transitional government is to reform the currency as well as the economy.
Since 2012, the notes and coins that are heavily influenced by Gaddafi’s likeness and his “Jamahiriya” have been gradually exchanged and exchanged. Scenes, animals and buildings typical of the country are now shown on the newly designed dinar notes.
This exchange measure should also lead to the fact that the vast majority of the currency in circulation (estimated over 90%) from private ownership is returned to the banks and their liquidity is restored. Since 2013, the Libyan central bank has also been introducing new coins and notes.
Exchange into the currency of Libya
Since Libyan dinars are not available outside of Libya, British pounds, dollars or euros can only be exchanged on arrival at the hotel or in a bank.
Credit cards are not common and only larger cities have ATMs, so sufficient cash is required when visiting Libya. Due to the uncertain political and economic future of the country, the exchange rate of the Libyan dinar is also not stable. For economic reasons, a large devaluation is expected in the near future.