Libyan Dinar

The Libyan dinar is the official currency of Libya with one Libyan dinar equal to 1000 Libyan dirhams. The currency in Libya has undergone quite a few changes but the current currency is the Libyan dinar. Recent exchange rates have one United States dollar equivalent to 1.256 Libyan dinars.

The History of Libyan Currency

The currency in Libya has undergone many changes at times even had various currencies for different regions within the country. The Ottoman qirsh was used until 1844. IN 1911, Italy took over and the Italian lira was used as currency during their reign. 1943 saw even more change as Libya was split into British and French territories.

The French territories utilized Algerian francs as their currency while the British territories utilized lira that were issued by the British military. Again there was a change when Libya's World War II associations led to the currency of Libya being tied to the British pound sterling at the conclusion of World War II.

Following the establishment of their independence in 1951 Libya created a new national currency known as the Libyan pound. This new currency was still linked to the sterling pound and was valued at a rate equal to $2.80 United States dollars.

The New Dinar

The Libyan pound maintains its association with the British pound sterling until 1967 but it wasn't until 1971 that the Libyan dinar was established. In September of 1971 the change from the Libyan pound to the Libyan dinar was officially made, however, many locals still referred to the currency as the pound well into the 1980s.

The Libyan Dinar in Circulation

The Central Bank of Libya assumed the responsibility for issuing the Libyan dinar in 1963. They currently issue currency in both the form of coins and banknotes. The coins are issued in dirhams and come in values of 1, 5, 10, 20, 50 and 100. The bank also issues paper money in the following denominations: 250 dirhams, 500 dirhams and dinars valued at 1, 5 and 10.

* This post from Iraqi-dinar.org