Introduced in 1971, the dinar replaced the Libyan pound with the corresponding dollar. And if we were to take a dive into the history of the currency, before the Pound was in circulation, the country is also known to use the French Ottoman piastre until 1951. While the country saw many reforms in their currency, there was no looking back after the Libyan dinar was locked as the currency.
Strangely, the word “dinar” is rarely used outside official circles. The Libyan dinar is abbreviated as LYD and is commonly used as the foreign currency exchange term. For the uninitiated, Libya is a country situated in Northern Africa and its economy highly relies on oil and petroleum production. The profits made are pretty high for the population the country has to sustain, and this win-win ratio gives Libya the highest GDP per capita across the continent. Libya is working toward liberalizing its investment market to allow more international transactions and integrating into the international market.