Exchange rates in Libya’s official market witnessed a decline in the US dollar price and variation in several foreign currencies against the Libyan dinar on Wednesday, according to data from the Central Bank of Libya.
The average exchange rate for the US dollar against the Libyan currency recorded a new decline to 6.2801 dinars. According to the currency table announced by the Central Bank of Libya, the average exchange rate for the Euro was 7.5348 dinars, and for the British Pound 8.6709 dinars.
Regarding the exchange rates for Arab currencies, the Saudi Riyal was recorded at 1.6746 dinars, while the UAE Dirham was recorded at 1.7098 dinars, and the Tunisian Dinar at 2.2225 dinars.
The rates for the Turkish Lira and the Chinese Yuan against the Libyan currency were recorded at 0.1447 dinars and 0.9043 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. Its cultural heritage includes 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 precious metals to a fiat currency, and its global reserve status was solidified by 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 country’s independence and the rise of the Libyan Arab Republic, symbolizing a move toward national economic sovereignty.
Central Bank of Libya
The Central Bank of Libya is the primary monetary authority of Libya, originally established in 1956 as the National Bank of Libya. It has played a central and often contested role in the country’s economy and politics, particularly following the 2011 uprising and subsequent conflict, during which rival governments have sought control over its assets and functions.
Euro
The Euro is the official currency of the European Union, used by 20 of its member states which form the Eurozone. It was introduced in non-physical form in 1999 to foster economic integration and stability, with banknotes and coins entering circulation in 2002, replacing former national currencies like the German Mark and French Franc.
British Pound
The British Pound, officially known as the pound sterling, is the world’s oldest currency still in use, with origins tracing back to Anglo-Saxon times. Its name derives from the Latin “libra,” a unit of weight, and it was first established as a form of currency with the introduction of the silver penny around 775 AD.
Saudi Riyal
The Saudi Riyal is the official currency of Saudi Arabia, introduced in 1935 following the establishment of the Kingdom. It replaced the Saudi Riyal and Hejaz riyal, unifying the currency system and symbolizing the nation’s economic consolidation.
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 formation of the UAE in 1971, symbolizing the economic unity 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. Its issuance is controlled by the Central Bank of Tunisia, and it is subdivided into 1,000 millimes.
Turkish Lira
The Turkish Lira (₺) is the official currency of Turkey and the Turkish Republic of Northern Cyprus. It was introduced in 1844, replacing the Ottoman lira, and underwent a major revaluation in 2005 when the “new Turkish lira” removed six zeros from the old currency.
Chinese Yuan
The Chinese Yuan, officially known as Renminbi (RMB), is the currency of the People’s Republic of China, first issued by the People’s Bank of China in 1948. Its modern form was standardized following economic reforms in the late 20th century, and it has grown to become one of the world’s major reserve currencies.
