Exchange rates in Libya’s official market saw an increase in the US dollar price and variation in several foreign currencies against the Libyan dinar on Thursday, according to data from the Central Bank of Libya.
The average exchange rate for the US dollar rose to 6.3344 dinars. According to the currency table announced by the Central Bank of Libya, the average exchange rate for the Euro was 7.4657 dinars, and for the British Pound Sterling, it was 8.6208 dinars.
Regarding the exchange rates for Arab currencies, the Saudi Riyal was recorded at 1.6891 dinars, while the UAE Dirham was recorded at 1.7245 dinars, and the Tunisian Dinar at 2.22 dinars.
The rates for the Turkish Lira and the Chinese Yuan against the Libyan currency were recorded at 0.1455 dinars and 0.9123 dinars, respectively.
Libya
Libya is a North African country with a rich history rooted in ancient civilizations like the Phoenicians and Romans, followed by centuries of Arab and Ottoman influence. In the modern era, it was an Italian colony before gaining independence in 1951, later becoming known for Muammar Gaddafi’s lengthy rule from 1969 until the 2011 revolution. The country is home to UNESCO World Heritage sites, such as the ancient Greek city of Cyrene and the Roman ruins of Leptis Magna.
US dollar
The US dollar is the official currency of the United States, established by the Coinage Act of 1792. It evolved from a system based on Spanish milled dollars and has become the world’s primary reserve currency since the Bretton Woods Agreement in 1944.
Libyan dinar
The Libyan dinar is the official currency of Libya, introduced in 1971 to replace the Libyan pound. It was established following the 1969 revolution that brought Muammar Gaddafi to power, symbolizing a move toward economic independence.
Central Bank of Libya
The Central Bank of Libya is the country’s primary monetary authority, established in 1956 to issue currency and manage monetary policy. It has played a critical and often divisive role during periods of conflict since 2011, with rival administrations at times claiming control over separate branches of the institution.
Euro
The Euro is the official currency of the Eurozone, which consists of 20 of the 27 member states of the European Union. It was introduced in non-physical form in 1999 and as physical banknotes and coins in 2002, marking a major step in European economic integration following the Maastricht Treaty.
British Pound Sterling
The British Pound Sterling, often simply called the pound, is the official currency of the United Kingdom and is the world’s oldest currency still in use, with origins dating back over 1,200 years. It was historically based on a system of pounds, shillings, and pence until decimalisation in 1971.
Saudi Riyal
The Saudi Riyal is the official currency of Saudi Arabia, introduced in 1925 following the unification of the Kingdom under King Abdulaziz Al Saud. It replaced the Hejaz riyal and the Ottoman lira, symbolizing the new nation’s economic sovereignty and has been pegged to the US dollar since 1986.
UAE Dirham
The UAE Dirham is the official currency of the United Arab Emirates, introduced in 1973 to replace the Qatar and Dubai Riyal. It was established following the country’s formation in 1971, symbolizing the economic union of the seven emirates.
Tunisian Dinar
The Tunisian dinar is the official currency of Tunisia, introduced in 1960 to replace the Tunisian franc as part of the country’s post-independence economic reforms. It is issued by the Central Bank of Tunisia and its banknotes often feature historical figures and landmarks, reflecting Tunisia’s cultural heritage.
Turkish Lira
The Turkish Lira (₺) is the official currency of Turkey and the Turkish Republic of Northern Cyprus, introduced in 1923 to replace the Ottoman lira following the foundation of the Republic of Turkey. It has undergone significant revaluations, most notably in 2005 when a new lira removed six zeros from the old currency, and it has faced considerable inflation and devaluation in recent decades.
Chinese Yuan
The Chinese Yuan (CNY) is the official currency of the People’s Republic of China, issued by the People’s Bank of China. Its modern form was introduced in 1948, replacing various regional currencies following the establishment of the communist government, and it has since become a major global currency.
