LYD (Libyan Dinar)

What Is the Libyan Dinar (LYD)?

LYD is the currency truncation for the Libyan dinar, the official currency of Libya, a country situated in Northern Africa. The Libyan dinar is frequently called jni or jenh locally in Libya. The condensing LYD is frequently utilized for the Libyan dinar in the foreign exchange market, which is where currencies from various countries are bought, sold, and exchanged.

As of Aug. 2020, 1 LYD is equivalent to U.S. $0.73.

Grasping the Libyan Dinar

The Libyan dinar is comprised of 1,000 dirham and is frequently given the symbol "LD". The word dirham is never utilized in ordinary language, yet "garsh," which alludes to 10 dirhams, is utilized all things being equal.

Libya was a part of the Ottoman Empire; around then, the Ottoman piastres were the currency utilized in the country. Libya was then colonized by Italy in 1911, which is the point at which it adopted the Italian lira as its currency. Libya acquired independence just in 1951, after which the country presented its own currency, the Libyan pound. The LYD supplanted the pound in 1971, after the country laid out a new central bank.

A wide range of currencies had been utilized in Libya before it acquired independence: the Italian lira, the Algerian franc and the Egyptian pound were undeniably utilized across the nation at various points ever. For sure, Libya was part of the Ottoman Empire before turning into an Italian-controlled domain from 1911-1943, and it was under the protection of Allied occupation powers following WWII, from 1943 until its independence in 1951.

In 1971, the Libyan dinar supplanted the Libyan pound at par. The currency presently is issued in denominations of bills for 1, 5, 10, 20, and 50 dinars. It likewise incorporates coins for 50 and 100 dirhams as well as \u00bc and \u00bd dinars.

Libya's Economy

Libya is a member of OPEC, an international cartel of oil creating nations, and it has an economy that is generally dependent on petroleum production. It started exporting oil in 1961 and oil and gas presently represent around 82% of the country's export earnings and 60% of its total GDP.

Notwithstanding, in the last decade, the country's economy has been impacted by political occasions in the region as well as the decline in global oil prices. In 2011, there were broad fights and in the end a civil war in Libya. In 2014, one more civil war broke out in Libya. The precariousness and savagery that followed altogether affects the country's economy.

As per gauges delivered in 2017, Libya lost $127 billion in revenues from oil between in light of war, political unsteadiness, and barricades of oilfields in the country. In 2017, there was a boom in oil production in the country which aided spike GDP growth. Nonetheless, the country actually has not returned to its pre-war levels of oil revenue or production, which at its level arrived at 1.6 million barrels each day. For 2019, Libya's inflation rate was 4.56% and its GDP developed at an annual rate of 2.54%.

Features

• The Libyan dinar (LYD) is the official currency of Libya.
• The Libyan economy is exceptionally dependent on oil and petroleum exports, and the country has encountered a series of political disturbances and armed clashes over the course of the last decades.
• The LYD supplanted the Libyan pound in 1971. The pound succeeded the French Ottoman piastre as official currency after it acquired independence in 1951.