The Libyan pound is the official currency of Libya, abbreviated as LYP. It is subdivided into 1,000 dirhams and is issued by the Central Bank of Libya. The currency symbol is often represented as LD. Introduced in 1971, the Libyan pound replaced the previous currency, the Libyan dinar. The value of the pound can fluctuate due to various economic factors, including oil prices, which significantly impact Libya's economy. The currency is primarily used for domestic transactions within the country.