Libyan Dinar

The dinar is the currency of Libya. The ISO code is “LYD”. It came on board on September 1971 and replaced the pound that was being used. “LYD was issued by the central bank of Libya which regulates the banking system banknotes.

During the year 1975, There was a great turn in the country as old coins “denominated” in millies circulated. Various coins were pushed into the market and most of them are 1 , 5 ,10 ,20, 50 and 100 dirhams where one can see the coat of arms of the federation of Arab Republics. In 1979, They were followed by a second series of coins In the same denomination where a design of a horseman in place of the arms was taken as the new development.

In the years 2013 and 2014, ¼, ½ dinar coins and 50 ,100 dirham coins were issued by the central bank of Libya.

On May 15,1980 new bank notes were introduced to the country and they were issued for the Five and Ten dinar denominations. The Libya government gave its citizens a week to exchange their notes at central bank branches. However, It was stated that only 1000 dinars worth of the new notes would be allowed per person. This created an uproar of it citizens and brought a windfall of €1.5 billion in the cash treasury. On June 11 president Muammar Gaddafi made known that the seized money will be deliberated on with the help of its 167 local “people’s congresses” in Libya.

In 2002, Notes of 20 dinar were introduced. In August 27,2008, Note of 50 dinar came on board but was later scheduled to enter circulation on August 31,2008 which featured Muammar Gaddafi.

The 2011 revolution that overthrew Gaddafi government lead to a change in the currency but not until January 14,2012 that the central bank of Libya made an approach to withdraw the money and an ultimatum was placed to March 15 for Libyans to hand the notes in banks.

The apex bank Issued a revised 10 dinar note bill with revised features as removal of the Gaddafi era “Jamahiriya” from where it was placed also, the Introduction of English on the notes for the first time in two decades. Rapid changes have occured In the central bank of Libya especially on February 17,2013, The second anniversary of the Libyan civil war, The central bank of Libya Issued a 1 dinar bank note( first issue after the Libyan revolution and civil war). The front of the note depicts Anti Gaddafi protesters with the flag of the Libyan rebels. And the back of the note depicts the flag of Libya and peace doves.

Source. Wikipedia

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