In 1951, when the country got its independence, the Libyan pound was announced as the national currency of Libya. Libya was a member of British sterling bloc whose currency halted due to a severe devaluation in November 1967. At this stage Libyan economy did not allowed it to devalue its currency and the link with sterling was broken due to that mismatch. In 1971, Libya started to circulate its own currency named Libyan dinar, which is divisible into 1000 dirham. This currency is segregated into 1, 5, 10, 20, 50 and 100 dirham coins and banknotes of 250 and 500 dirham and 1, 5 and 10 dinar. Right from its introduction in 1971, it was confused with pound and many shopkeepers demanded the piastres, which were a sub-division of Libyan pound. After the statewide revolution against the previous ruler of the country, Moammar Gazzafi, some old currency is now being withdrawn by CBL, as state announcement in January 2012. One of the currency notes that are in the phase of replacement from the previous ones is the 50-Dinar note. The new notes are under publication and are gradually taking place of the old notes with revised design and new portrait on the obverse side of the notes.

Libya Currency Libyan Dinar

April 7, 2011 | Afifa Gillani | No Comments | 444 views