When Libya was a part of the Ottoman Empire, the country used the Ottoman currency (Ottoman Empire Piastres (XOTP) ). When Italy started taking over the country, the Lira was introduced. At one time British Military Authorities (BMA), Lira, Algerian Francs (DZG) and Egyptian Pounds (EGP) were used in the country, each in their respective territories. When Libya became independent in 1951, the Libyan Pound (LYP) was introduced. The LYP was seperated into 100 Piastres and 1000 Milliemes.
In 1971, the country introduced the new currency, the Libyan dinar, the currency used today. The bank of issue is the Central Bank of Libya, which also supervises the banking system and regulates credit. In 1972 the Libyan Arab Foreign Bank was established to deal with overseas investment.
One Libyan dinar banknote from 1988.