Libyan dinar
| دينار ليبي Template:Ar icon | |
|---|---|
| ISO 4217 | |
| Code | LYD (numeric: 434) |
| Subunit | 0.001 |
| Unit | |
| Symbol | LD and ل.د |
| Denominations | |
| Subunit | |
| 1/1000 | dirham |
| Banknotes | ¼, ½, 1, 5, 10, 20, 50 dinars |
| Coins | 50, 100 dirhams ¼, ½ dinar |
| Demographics | |
| User(s) |  Libya |
| Issuance | |
| Central bank | Central Bank of Libya |
| Website | www.cbl.gov.ly |
| Valuation | |
| Inflation | 2.5% |
| Source | The World Factbook, 2010 est. |
The dinar (Arabic: دينار) is the currency of Libya. Its ISO 4217 code is "LYD". The dinar is subdivided into 1000 dirham (درهم). It was introduced in 1971 and replaced the pound at par. It is issued by 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. Ali Mohammed Salem, deputy governor of Central Bank of Libya stated the exchange rate of Libyan dinar would be pegged to special drawing rights for one to three years, according to an interview to Reuters on 27 December 2011.[1]
Coins
Until 1975, old coins denominated in milliemes (equal to the dirham) circulated. In 1975, coins were introduced in denominations of 1, 5, 10, 20, 50 and 100 dirham which bore the coat of arms of the Federation of Arab Republics. These were followed in 1979 by a second series of coins, in the same denominations, which bore a design of a horseman in place of the arms. ¼ and ½ dinar coins were issued in 2001 and 2004, respectively. In 2009, new 50, 100 dirhams, ¼ and ½ dinar coins were issued. 1, 5, 10, and 20 dirham coins are rarely used as units of exchange. However, they still retain their status as legal tenders.
The date on some coins is written using not the standard Islamic calendar which starts with the birth of Muhammad, but with a non-standard system of which the first year is the year the prophet died.[2]
Banknotes
In 1971, banknotes were introduced in denominations of ¼, ½, 1, 5 and 10 dinar. 20 dinar notes were added in 2002. On August 27, 2008, the Central Bank of Libya announced a new 50 dinar note and that was scheduled to enter circulation on August 31, 2008.[3] The note is already in circulation and features Muammar Gaddafi on the obverse. Scans of the new note can be found here.
The subjects depicted on the banknotes have not changed since series 2 except for the portrait of Muammar Gaddafi which became the new obverse design of the 1 dinar note in series 4.
After the 2011 revolution overthrew Gaddafi's government, Central Bank Governor Gasem Azzoz said that notes with the ousted strongman's face on them were still in circulation and would be used by the National Transitional Council to pay the salaries of public servants and government employees. The bank is holding a contest for redesigned banknotes that will likely eventually replace the Gaddafi-emblazoned bills.[4]
The central Bank started withdrawing the 50-Dinar note on January 14, 2012. Libyans have until March 15 to hand the note in to banks. Issam Buajila, the media manager of the central bank said that the 1 and 20 Dinar notes will be withdrawn from circulation soon.[5] Omar Elkaber, governor of the central bank, stated that the bank has already started printing new notes.[6]
The Central Bank of Libya has issued a revised 10-dinar banknote with revised features, one example is the removal of the reference of the Gaddafi era "Jamahiriya" from upper right back, plus the use of English on the notes for the first time in two decades. Furthermore, the serial number prefix system has apparently been reset to "1".[7]
A revised 5-dinar banknote was issued with altered features similar to the revised 10-dinar banknote. The English text has replaced the Arabic text on the back, the removal of the Gaddafi era "Jamahiriya" from the front and upper right back of the note, and the Gaddafi era falcon crest has been removed from the monument to the Battle of Al-Hani.[8]
| Banknote Series of the Libyan dinar | ||||
|---|---|---|---|---|
| Series | Denominations | Colours | Issued Dates | Note |
| 1 | ¼, ½, 1, 5 and 10 dinars | Orange, purple, blue, olive and grey | 1971–1972 | |
| 2 | All green | 1980–1981 | ||
| 3 | Green as the dominant colour, with brown, purple, blue, light green and multicoloured. | 1984 | ||
| 4 | Multicoloured | 1988 –ca. 1990 | English text on ¼, ½, and 5 dinars | |
| 4, revised | Slight change | ca. 1991–1993 | English text on ¼, ½, and 5 dinars note was removed | |
| 5 | ¼, ½, 1, 5, 10 and 20 dinars | Multicoloured | 2002 | |
| 6 | 1, 5 and 10 dinars | Blue, purple and green | 2004 | Easily visible foil (1 and 5 dinars) or hologram (10 dinars) on upper left on the obverse as the new anti-counterfeit device |
| 7 | 1, 5, 10, 20 (Series 2), 50 (Series 1) dinars | Blue, red and green | 2008–2009 | Reworked designs and enhanced security features |
Current series
| Current Series | |||||
|---|---|---|---|---|---|
| Image | Value | Main Colour | Description | ||
| Obverse | Reverse | Obverse | Reverse | ||
 |
1 Dinar | Blue | Muammar Gaddafi | Mawlai Muhammad mosque, Tripoli | |
 |
 |
5 Dinars | Reddish brown | Camels | Battle of Al-Hani monument |
| 10 Dinars | Green | Omar al-Mukhtar | Sabha Fortress | ||
| 20 Dinars | Purple and green | Map of Libya with "Great Man-Made River" (GMMR) project | Muammar Gaddafi with OAU members, 1999 | ||
| 50 Dinars | Brown | Muammar Gaddafi | Ministry of Agriculture Conference Center at Al-Qardabiya (near Surt) | ||
Popular nomenclature and denominations
The Libyan dinar is commonly called jni, [ʒni] (western Libyan Dialect) or jneh [ʒneh] (eastern Libyan dialect). The name dinar is rarely used outside official circles. The authorized fractional unit, the dirham, is never mentioned in everyday conversation. Garsh - a variant of the word qirsh - is employed instead, with 1 garsh = 10 dirhams. One thousand dinars is stylishly called a kilo [kiːlu]. Similarly, five dinar notes and ten dinar notes are sometimes nicknamed, in the younger generation male slang, faifa [faːifa] and tsena [tseːna] respectively, which are playful feminizations of the English words five and ten, but may also be remnants of British slang words 'fiver' and 'tenner' for five and ten pound notes respectively. Libyan currency is nicknamed by Libyans ʿOmar El-Mokhtar after the Libyan freedom fighter who is featured on the obverse of the 10 dinar note.
| Current LYD exchange rates | |
|---|---|
| From Google Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD |
| From Yahoo! Finance: | AUD CAD CHF CNY EUR GBP HKD JPY USD |
| From XE.com: | AUD CAD CHF CNY EUR GBP HKD JPY USD |
| From OANDA: | AUD CAD CHF CNY EUR GBP HKD JPY USD |
See also
References
- ^ "Libyan Islamic banking law seen in March". Business Recorder. 27 December 2011. Retrieved 5 January 2012.
- ^ Here's the proof, fapfapfap.
- ^ Template:Ar icon Central Bank of Libya issues a new 50 Dinars banknote-مصرف ليبيا المركزي يصدر ورقة نقدية جديدة من فئة الخمسين دينارا , Libyan Jamahiriya Broadcasting Agency, retrieved August 28, 2008
- ^ Birsel, Robert (1 September 2011). "Dinars from heaven as Britain flies banknotes to Libya". Reuters. Retrieved 18 September 2011.
- ^ "ibya withdraws notes bearing Kadhafi image". AFP. 14 Januar 2012. Retrieved 15 Januar 2012.
{{cite news}}: Check date values in:|accessdate=and|date=(help) - ^ Holmes, Oliver (13 January 2012). "Libyan central bank starts withdrawing old currency". Reuters. Retrieved 15 January 2012.
- ^ Libya new 10-dinar note confirmed, BanknoteNews.com. Retrieved 2012-01-25.
- ^ Libya new 5-dinar note confirmed BanknoteNews.com. Retrieved 2012-03-24.
External links
| Preceded by: Libyan pound Reason: Revolution (in 1969) Ratio: at par |
Currency of Libya 1971 – |
Succeeded by: Current |
