Libyan dinar

Libyan dinar

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The dinar is the currency
Currency
In economics, currency refers to a generally accepted medium of exchange. These are usually the coins and banknotes of a particular government, which comprise the physical aspects of a nation's money supply...

 of Libya
Libya
Libya is an African country in the Maghreb region of North Africa bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south, and Algeria and Tunisia to the west....

. Its ISO 4217
ISO 4217
ISO 4217 is a standard published by the International Standards Organization, which delineates currency designators, country codes , and references to minor units in three tables:* Table A.1 – Current currency & funds code list...

 code is "LYD". The dinar is subdivided into 1000 dirham
Dirham
Dirham or dirhem is a unit of currency in several Arab or Berber nations, and formerly the related unit of mass in the Ottoman Empire and Persian states...

 (درهم). It was introduced in 1971 and replaced the pound
Libyan pound
The Libyan pound was the currency of Libya between 1951 and 1971. The pound was divided into 100 piastres and 1000 milliemes .- History :...

 at par. It is issued by the Central Bank of Libya
Central Bank of Libya
The Central Bank of Libya is the monetary authority in Libya and enjoys the status of autonomous corporate body. The law establishing the CBL stipulates that the objectives of the central bank shall be to maintain monetary stability in Libya , and to promote the sustained growth of the economy in...

, which also supervises the banking system and regulates credit. In 1972, the Libyan Arab Foreign Bank
Libyan Arab Foreign Bank
The Libyan Arab Foreign Bank was established in 1972 in Tripoli, Libya as the country's first offshore banking institution licensed to operate internationally. The bank is 100% owned by the Central Bank of Libya...

 was established to deal with overseas investment.

Coins


Until 1975, old coins denominated in milliemes
Libyan pound
The Libyan pound was the currency of Libya between 1951 and 1971. The pound was divided into 100 piastres and 1000 milliemes .- History :...

 (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
Federation of Arab Republics
The Federation of Arab Republics was an abortive attempt by Libya's Muammar Gaddafi to merge Libya, Egypt, and Syria, creating an United Arab state...

. 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.

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
Central Bank of Libya
The Central Bank of Libya is the monetary authority in Libya and enjoys the status of autonomous corporate body. The law establishing the CBL stipulates that the objectives of the central bank shall be to maintain monetary stability in Libya , and to promote the sustained growth of the economy in...

 announced a new 50 dinar note and that was scheduled to enter circulation on August 31, 2008. The note is already in circulation and features Muammar Gaddafi
Muammar Gaddafi
Muammar Muhammad Abu Minyar Gaddafi or "September 1942" 20 October 2011), commonly known as Muammar Gaddafi or Colonel Gaddafi, was the official ruler of the Libyan Arab Republic from 1969 to 1977 and then the "Brother Leader" of the Libyan Arab Jamahiriya from 1977 to 2011.He seized power in a...

 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
Muammar Gaddafi
Muammar Muhammad Abu Minyar Gaddafi or "September 1942" 20 October 2011), commonly known as Muammar Gaddafi or Colonel Gaddafi, was the official ruler of the Libyan Arab Republic from 1969 to 1977 and then the "Brother Leader" of the Libyan Arab Jamahiriya from 1977 to 2011.He seized power in a...

 which became the new obverse design of the 1 dinar note in series 4.

After the 2011 revolution
2011 Libyan civil war
The 2011 Libyan civil war was an armed conflict in the North African state of Libya, fought between forces loyal to Colonel Muammar Gaddafi and those seeking to oust his government. The war was preceded by protests in Benghazi beginning on 15 February 2011, which led to clashes with security...

 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
National Transitional Council
The National Transitional Council of Libya , sometimes known as the Transitional National Council, the Interim National Council, or the Libyan National 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.
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
Muammar Gaddafi
Muammar Muhammad Abu Minyar Gaddafi or "September 1942" 20 October 2011), commonly known as Muammar Gaddafi or Colonel Gaddafi, was the official ruler of the Libyan Arab Republic from 1969 to 1977 and then the "Brother Leader" of the Libyan Arab Jamahiriya from 1977 to 2011.He seized power in a...

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
Muammar Gaddafi
Muammar Muhammad Abu Minyar Gaddafi or "September 1942" 20 October 2011), commonly known as Muammar Gaddafi or Colonel Gaddafi, was the official ruler of the Libyan Arab Republic from 1969 to 1977 and then the "Brother Leader" of the Libyan Arab Jamahiriya from 1977 to 2011.He seized power in a...

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
Qirsh
Qirsh, Gersh, Grush, Kuruş and Grosi are all names for currency denominations in and around the territories formerly part of the Ottoman Empire. The variation in the name stems from the different languages it is used in and the different transcriptions into the Latin alphabet...

 - 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.

External links