Convert USA Dollar (USD) to Libyan Dinar (LYD)

The dinar is the currency of Libya. Its ISO 4217 code is "LYD". The dinar is subdivided into 1000 dirham. It was introduced in 1971 and replaced the pound at par. It is issued by the Central Bank of Libya, which also supervises the banking system and regulates credit. In 1972, the Libyan Arab Foreign Bank was established to deal with overseas investment. To compare the price of Libyan Dinar (LYD) to other currencies you can use the following currency converter.

Example of Libyan Dinar (LYD)

Banknotes of Libyan Dinars (LYD)

In 1971, banknotes were introduced in denominations of ¼, ½, 1, 5 and 10 dinar. 20 dinar notes were added in 2002. On 27 August 2008, the Central Bank of Libya announced a new 50 dinar note and that was scheduled to enter circulation on 31 August 2008. The note is already in circulation and features Muammar al-Gaddafi on the obverse.

The subjects depicted on the banknotes have not changed since series 2 except for the portrait of Muammar al-Gaddafi which became the new obverse design of the 1 dinar note in series 4.

Economy of Libya

Libya's socialist-oriented and centrally planned economy depends primarily upon revenues from the petroleum sector, which contributes practically all export earnings and over half of GDP. These oil revenues and a small population give Libya one of the highest per capita GDPs in Africa. Since 2000, Libya has recorded favourable growth rates with an estimated 8.1% growth of GDP in 2006.

The GDP per capital of Libya soared by 676% in the 1960s and a further 480% in the 1970s. However such fantastic growth rates proved unsustainable in the face of global oil recession and international sanctions. Consequently the GDP per capital shrank by 42% in the 1980s. Successful diversification and integration into the international community helped current GDP per capita to cut further deterioration to just 3.2% in the 1990s.
Below is a chart of trend of gross domestic product of Libya at market prices estimated by the International Monetary Fund with figures in millions of Libyan dinars (LYD).

The Government is in the process of preparing a financial sector reform program. Recent legislation setting corporate governance standards for financial institutions makes progress towards better management and greater operational independence of public banks. However, Libyan public banks still lack management structures supported by skills in critical areas like credit, investment, risk management, and information and control systems. The new banking law reinforces the independence of the Central Bank of Libya (CBL) and offers a legal framework for regulating banking activities, even if some provisions call for improvement.

Despite progress brought by the new banking Law that specifies and limits its duties and responsibilities, the CBL remains the owner of the public banks, with the associated potential conflict of interest between ownership and regulation.
Financial sector reform has also progressed with partial interest rate liberalization. Interest rates have been liberalized on deposits, while a lending rate ceiling has been set above the discount rate. The Libyan Stock Exchange, established in 2007, is the first exchange of its kind in the country.