Exchange rates in Libya’s official market witnessed a decline for the US dollar and variation for a number of foreign currencies against the Libyan dinar on Tuesday, 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 6.3116 dinars. According to the currency table announced by the Central Bank of Libya, the average exchange rate for the Euro was 7.4951 dinars, and for the British Pound 8.6375 dinars.
Regarding the exchange rates for Arab currencies, the Saudi Riyal was recorded at 1.6831 dinars, while the UAE Dirham was recorded at 1.7184 dinars, and the Tunisian Dinar at 2.2155 dinars.
The rates for the Turkish Lira and the Chinese Yuan against the Libyan currency were recorded at 0.1454 dinars and 0.9072 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 civil war. The country is home to UNESCO World Heritage sites, such as the ruins of Leptis Magna, which showcase its significant classical past.
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 the mid-20th century.
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, centralizing the monetary system.
Central Bank of Libya
The Central Bank of Libya is the primary monetary authority of Libya, established in 1956 following the country’s independence. It has played a critical role in managing the nation’s financial system and currency, though its operations have been significantly challenged and divided between rival administrations during periods of conflict since 2011.
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 banknotes and coins in 2002, marking a major step in European economic integration following the Maastricht Treaty.
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 1925 following the establishment of the Kingdom of Hejaz and Nejd. It replaced the Hejaz riyal and was later standardized under the Saudi Monetary Authority, with its value historically pegged to special drawing rights and the U.S. dollar.
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 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 creation was a key step in establishing monetary sovereignty following Tunisia’s independence from France in 1956.
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 Turkish lira” removed six zeros from the currency due to past high inflation.
Chinese Yuan
The Chinese Yuan (CNY), also known as Renminbi (RMB), is the official currency of the People’s Republic of China, first issued by the People’s Bank of China in 1948 following the establishment of the new government. Its history reflects China’s economic evolution, from a centrally planned system to a major global currency, with its value historically managed by the state before gradually adopting a more market-oriented exchange rate mechanism in recent decades.
