Q

Libya

Libya is a country located in North Africa which mostly lies in the Sahara desert. Much of the country's population is concentrated by the coast, where two of its major cities are located. The Libyan dinar (LYD) is the official currency of Libya. It is often called jni or jenh by locals in the country. The currency is made up of 1,000 dirhams and is usually presented with the "LD" symbol. The term dirham is never used in common language. Instead, the word "garsh" is used, which refers to 10 dirhams.

When Libya was a part of the Ottoman Empire, the country's currency was the Ottoman piastres. And in 1911, when Italy colonized it, Libya adopted the Italian lira currency. Libya introduced its own currency, the Libyan pound, only after the country gained its independence in 1951. In 1971, after the establishment of a new central bank, the Libyan dinar replaced the pound. The Libyan dinar took the place of the Libyan pound at par. The banknotes of the currency are now issued in denominations of 1, 5, 10, 20, and 50 dinars and coins for 50 and 100 dirhams as well as ¼ and ½ dinars.

Libya is a member of an international cartel of oil-producing nations called OPEC, and it has an economy that is mainly dependent on petroleum production. It started to export oil in 1961, and gas and oil now account for about 60% of its total GDP and 82% of the country's export earnings.

However, in the last decade, Libya's economy has been affected by the decline in global oil prices and political events in the region. There were widespread protests in the country in 2011 and, ultimately, civil war. Another civil war broke out in 2014. The violence and instability that followed have had a considerable impact on Libya's economy.
According to estimates issued in 2017, Libya lost $127 billion in revenues from political instability, oil because of war, and oilfield blockades. In 2017, there was a growth in oil production in the nation, which helped push GDP growth. However, Libya still hasn't returned to its pre-war levels of production or oil revenue, which, at its height, reached 1.6 million barrels daily. For 2019, Libya's GDP grew at an annual rate of 2.54%, and its inflation rate was 4.56%.
 

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