What is the LYD (Libyan Dinar)
LYD is the currency abbreviation for the Libyan dinar, the currency for Libya, a country in North Africa. The Libyan dinar is often called jni or jenh in Libya. The abbreviation LYD is often used for the Libyan dinar in the foreign exchange market, which is where currencies from different countries are bought, sold and exchanged.
Breaking Down LYD (Libyan Dinar)
The Libyan dinar is made up of 1000 dirham and is often presented with the symbol LD. The word dirham is never used in everyday language, but the word "garsh," which refers to 10 dirhams, is used instead.
Libya was a part of the Ottoman Empire and at that time, the Ottoman piastres were the currency used in the country. It was then colonized by Italy in 1911, which is when it adopted the Italian lira as its currency. Libya gained independence only In 1951, after which the country introduced its own currency, the Libyan pound. Many different currencies were used in Libya before it gained independence: the Italian lira, the Algerian franc and the Egyptian pound were all used across the nation at different points in history.
In 1971, the Libyan dinar replaced the Libyan pound at par. The currency now is issued in denominations of bills for 1, 5, 10, 20 and 50 dinars. It also includes coins for 50 and 100 dirhams, as well as ¼ and ½ dinars.
Libya is a member of OPEC and has an economy that is largely dependent on petroleum. It began exporting oil in 1961 and oil and gas now account for about 82 percent of the country’s export earnings and 60 percent of its GDP.
However, in the last decade, the country’s economy has been affected by political events in the region as well as the decline in global oil prices. In 2011, there were widespread protests and eventually a civil war in Libya. In 2014, another civil war broke out in Libya. The instability and violence that followed has had a significant impact on the country’s economy.
According to estimates released in 2017, Libya lost $127 billion in revenues from oil between because of war, political instability and blockades of oilfields in the country.
In 2017, there was a boom in oil production in the country which helped spur GDP growth. However, the country still has not returned to its pre-war levels of oil revenue or production, which at its height reached 1.6 million barrels per day.
As of 2017, Libya’s inflation rate was 32.8 percent.