What is lyd (Libyan Dinar)’
Lyd is the Currency abbreviation for the Libyan Dinar, the Currency of Libya, a country in North Africa. The Libyan Dinar is often called jni or jenh in Libya. The abbreviation for lid is often used to Libyan Dinar in the currency market, where currencies of different countries buy, sell and exchange.
The penetration of ‘lyd (Libyan Dinar)’
The Libyan Dinar is divided into 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 dirham, is used instead.
Libya was part of the Ottoman Empire and then the Ottoman piastres was the currency used in the country. It was then colonized by Italy in 1911, when he accepted the Italian Lira as its currency. Libya gained independence in 1951, after which the country introduced its own currency, the Libyan pound. Many different currencies were used in Libya before independence: the Italian Lira, the Algerian franc and the Egyptian pound were all used across the country at different points in history.
In 1971, the Libyan Dinar replaced the Libyan pound at par. Now the Currency is issued denominations of denominations of 1, 5, 10, 20 and 50 dinars. It also includes coins of 50 and 100 dirhams, as well as ¼ and ½ Dinar.
The Economy Of Libya
Libya is an OPEC member and has an economy that largely depends on oil. It began exporting oil in 1961, and oil and gas accounted for about 82 percent of export earnings and 60 percent of its GDP.
However, in the last decade the economy suffered from political developments in the region and the decline in world oil prices. In 2011 there were mass protests and eventually a civil war in Libya. In 2014 he started another civil war in Libya. Instability and violence that followed has a significant impact on the economy.
According to data published in 2017, Libya lost $127 billion in oil revenues between because of the war, political instability and blockade of oilfields in the country.
In 2017 there was a boom of oil production in the country, which helped to boost GDP growth. However, the country still has not returned to its pre-war level of income from the sale of oil or production, which in its heyday reached 1.6 million barrels per day.
From 2017, the rate of inflation in Libya was 32.8 percent.