The dinar is an official currency of Libya with currency code LYD and symbol LD or ل.د. It is subdivided into 1000 dirham. In 1971, dinar was introduced as an official currency by replacing the pound. The Central Bank of Libya is an authorized body which supervise banking system, regulates credit and issue currency. According to an interview of Mohammad Salem, the deputy governor of Central Bank of Libya, the Libyan dinar exchange rate would be pegged to Special Drawing Rights for one to three years.
In 1975, the first series of Libya dinar coins were introduced in denomination of 1, 5, 10, 20, 50 and 100 dirham which bore the coat of arms of the Federations of Arab Republics. The second series of coins was issued in 1979 with same denominations but design of arms was replaced with horseman. The coins of ¼ and ½ dinar were introduced in 2001 and 2004 respectively. The coins of 50 and 100 dirham were introduced in 2009. The Central Bank of Libya introduced new series of coins¼ and ½ dinar and 50, 100 dirham in 2013 and 2014. The first series of Libya dinar banknotes were introduced in 1971 in denominations of ¼, ½, 1, 5 and 10 dinar. The banknote of 20 dinar was introduced in 2002. On 27th August 2008, the banknote of 50 dinar was introduced by the Central Bank of Libya. Recently Libya dinar banknotes of 1, 5, 10, 20, 50 dinars and coins of 50, 100 dirhams, ¼, ½ dinar are generally circulation in Libyan economy.