Libyan dinar facts for kids

Quick facts for kids Libyan dinar
Banknotes of 1⁄2, 1, and 5 dinars
ISO 4217 Code	LYD
User(s)	Libya
Inflation	6.1%
Source	The World Factbook, 2012 est.
Subunit
1⁄1000	dirham (dh.)
Symbol	LD
Coins
Freq. used	50 dhs., 100 dhs., LD 1⁄4, LD 1⁄2
Rarely used	1 dh., 5 dhs., 10 dhs., 20 dhs.
Banknotes	LD 1, LD 5, LD 10, LD 20, LD 50

The dinar (Arabic: دينار) is the official money of Libya. You'll see it written as LD or ل.د. The dinar is split into 1,000 smaller units called dirhams. The Central Bank of Libya is in charge of printing the dinar and looking after Libya's banking system.

History of the Libyan Dinar

The Libyan dinar was first used in September 1971. It took the place of the old Libyan pound, with one dinar being worth one pound.

How the Dinar's Value Changed

In 1973, the dinar's value was linked to the US dollar. This meant that 1 Libyan dinar was worth about 3.37 US dollars. This link stayed the same until 1986.

Later, in the mid-1990s, the dinar started to lose some of its value compared to the US dollar. By 2002, its value was changed so that 1 US dollar was worth about 0.77 dinars.

In 2021, the dinar's value was changed again. Now, 1 US dollar is worth about 4.48 dinars. This change helped to make the official exchange rate closer to what people were paying on the street.

Coins of Libya

Coins for the Libyan dinar were first made in 1975. They came in different values: 1, 5, 10, 20, 50, and 100 dirhams. These first coins had the symbol of the Federation of Arab Republics on them.

In 1979, new coins were released with a picture of a horseman. Later, in 2001 and 2004, coins worth 1⁄4 dinar and 1⁄2 dinar were added. More new coins were made in 2009 and 2013-2014.

Today, smaller coins like 1, 5, 10, and 20 dirhams are not often used for buying things. However, they are still official money.

Banknotes of Libya

Banknotes, or paper money, were first introduced in 1971. They came in values of 1⁄4, 1⁄2, 1, 5, and 10 dinars.

Changes to Banknotes Over Time

In 1980, new 5 and 10 dinar notes were issued. People had a short time to exchange their old notes for new ones. This change helped the government get more money.

Later, in 2002, a 20 dinar note was added. In 2008, a new 50 dinar note was released. This note featured a picture of Muammar Gaddafi, who was Libya's leader at the time.

After Gaddafi's government was overthrown in 2011, the Central Bank of Libya decided to remove notes with his face from circulation. They also started printing new notes with different designs.

New Designs After 2011

The Central Bank of Libya began to print new banknotes after the 2011 revolution. These new notes often included English text for the first time in many years.

• A revised 10 dinar banknote was issued. It removed references to the Gaddafi era and added English text.
• A revised 5 dinar banknote also had changes, including English text and the removal of old symbols.
• In 2013, a new 1 dinar banknote was released. It showed protesters from the revolution and the Flag of Libya.
• A 20 dinar banknote was issued in 2013, featuring a school in Ghadames and a mosque.
• A 50 dinar banknote was also issued in 2013, showing a lighthouse in Benghazi and rock formations.

In 2019 and 2021, the Central Bank started making some banknotes out of a special plastic material called polymer. This makes them more durable.

Current Banknote Designs

Nicknames for Libyan Money

In Libya, people often use nicknames for their money. The dinar is commonly called jni or jneh. This name comes from the old British "guinea" coin.

The smaller unit, the dirham, is rarely mentioned in daily talks. Instead, people might say garsh, where 1 garsh is equal to 10 dirhams. A thousand dinars is sometimes called a kilo.

Younger people might also call a 5 dinar note a faifa and a 10 dinar note a tsena. These are fun ways of saying "five" and "ten."

Eastern Libyan Dinar

Since 2016, there have been two different versions of the Libyan dinar. This happened because Libya has two different governments, one in the east and one in the west.

The Central Bank of Libya in the east, working with the House of Representatives, started printing its own 20 and 50 dinar banknotes and a 1 dinar coin. They did this to help with a shortage of cash in the eastern part of the country.

See also

• Economy of Libya
• Algerian dinar
• Tunisian dinar