Money in Libya #1
The currency in Libya is called the Libyan Dinar (LYD). Many countries in Africa and the Middle East use the Dinar as their currency but they are different from one country to another. For the latest exchange rate check your bank. Online currency converters are great to give you an idea but the rates may differ from the rates you are offered by your bank or money exchange agents.
Money in Libya #2
It is important to know that the Libyan Dinar is NOT accepted anywhere in the UK as a currency for exchange. That means that if you plan to bring back some savings from Libya to the UK, you must first change your Dinars into another currency which can be exchanged in the UK. Dollars are fairly easy to get in Libya and you’re sure you can change those back home.
Money in Libya #3
Libya is a cash society, you pay everything cash: from your car to your tomatoes. Cheque books and cards are available from banks but there will not be accepted anywhere. They are only used to withdraw money from your own bank account. Every now and then, you need to make a trip to your bank and withdraw enough money to keep you going for a week or month. Since everybody does that, expect long queues at the bank.
Money in Libya #4
Money comes into coins and notes like everywhere, smallest note is 1 Libyan Dinar and biggest one in use is 20 Libyans Dinars. 1 Dinar makes 1000 milliemes. Coins are of 5 LYD and 1 LYD. Under 1 LYD they are only used in 1/4 or 1/2 a dinar ‘bundles’. Prices are rounded up to the quarter or half dinar and coins are actually taped up together in bundles of 1/4 Dinars. This is why coins there have sellotape on them!
Money in Libya #5
When you decide to open a bank account, you may be surprised to find out that it is not straight forward at all. You’ll need letters from your employer, copies of your work contract and loads of paperwork and passport check before you are allowed 1 bank account. That’s the limit: 1 bank account per person. You can apply later for a cheque book and a debit card but can only use those to withdraw money (see #3).