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Libya Economy - Development | Society Ghaddafi disappears from Libyan notes
On the second anniversary of the Libyan revolution, 17 February, the new banknotes were put into circulation. From now on, the old notes, mostly decorated by the face of Colonel Ghaddafi, are being destructed as soon as they fall into the hands of the Central Bank.
The banknotes of 5, 20 and 50 dinars depict historical monuments from all parts and regions of Libya, taking over for the ex-dictator. The notes, among others, carry drawings of an Italian lighthouse in Benghazi, a traditional Arab school of the desert town of Ghadames, and ancient Roman and Turkish monuments. There is only one banknote that barely has changed its design. The 10-dinar note still shows the freedom hero Omar al-Mukhtar, who has been cherished by Libyans under King Idris, under Colonel Ghadaffi and under the revolutionary government of today. Mr Mukhtar led the liberation struggle against the Italians during the 1920s, until he was caught and executed in 1931. The freedom fighter also was on the 10-dinar banknote during th
For a long time, it was unclear whether the Central Bank would issue a note of 50 dinars (approximately 30 euros). The old 50-dinar banknote, carrying Mr Ghaddafi wearing sunglasses, had been pulled out of the market in January last year and declared void in March. The Central Bank tried to help fighting the country's large black economy through the move. Even if new 50-dinar banknotes had been designed and printed, the Central Bank until January this year said the denomination would not be circulated, again quoting the black economy. In the last moment, however, the bank changed its mind and released the 50-dinar note, decorated by the lighthouse of Benghazi. It is still unsure how long time Libyans will be able to pay with banknotes carrying the face of Mr Ghaddafi, but within some time their only value will be for collectors. By staff writers © afrol News - Create an e-mail alert for Libya news - Create an e-mail alert for Economy - Development news - Create an e-mail alert for Society news
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