LYD to WST

LYD - Libyan Dinar (LYD)

Libyan Dinar

The Libyan Dinar is the official currency of Libya. The Libyan Dinar is subdivided into 1000 dirham. When Libya was still under the Ottoman Empire, the Ottoman Empire piastres were used. When Italy ruled Libya, the introduction of their Lira initiated a trend to use a variety of currencies from different countries.

The Libyan Dinar is the currency in Libya (Libyan Arab Jamahiriya, LY, LBY). The symbol for LYD can be written LD. The Libyan Dinar is divided into 1000 dirhams. The exchange rate for the Libyan Dinar was last updated on January 25, 2019 from The International Monetary Fund. The LYD conversion factor has 6 significant digits.

Economy

• The Libyan economy is reliant on profits from the oil sector. These high profits, in combination with the small population, give Libya the highest GDP per capita in Africa.
• Economic transformations to reintegrate the Libya into an international playing field have been initiated by UN and US sanctions.
• Libya is still has a long way to go in transforming its socialist-oriented economy, planning for privatization, and minimizing grants.

History

• In 1951, Libya became independent, and the Libyan Pound was introduced.
• In 1971, the Central Bank of Libya launched the Libyan Dinar.
• In 1972, the Libyan Arab Foreign Bank was established to increase overseas investments.
• In 1975, coins in denominations of 1, 5, 10, 20, 50 and 100 dirham were introduced, which upset the Federation of Arab Republics.
• In 1979, the second series of coins of the same denominations was launched.
• In 2001 and 2004, denominations of ¼ and ½ dinar coins were issued.
• In 2009, new 50 and 100 dirhams, as well as ¼ and ½ dinar coins, were issued.

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WST - Samoan Tala (WST)

Samoan Tala

The Samoan Tālā is the currency unit of Samoa, symbolized by WS$ to distinguish it from other Dollar currencies. The Tālā is subdivided into 100 sene. Tālā and sene are transliterations of the English terms Dollar and cent. The Tālā was introduced in 1967, upon Samoa’s independence from New Zealand, replacing the Pound at 2 Tālā = 1 Pound.

The Samoa Tala is the currency in Samoa (WS, WSM). The symbol for WST can be written WS$. The Samoa Tala is divided into 100 sene. The exchange rate for the Samoa Tala was last updated on May 24, 2019 from Yahoo Finance. The WST conversion factor has 5 significant digits.

Economy

• The industrial sector is the largest component of the Samoan GDP (~60% GDP), followed by the services sector at (~30% of GDP). Most of the remaining ~10% of GDP is credited to agriculture.
• Samoa's economy has traditionally been dependent on agriculture and fishing locally. In modern times the development aid, private family remittances from abroad and agricultural exports have become key factors in the economy of the nation.
• The Samoan workforce is estimated at 90,000 people. Agriculture employs two-thirds of the workforce, and provides 90% of exports, with coconut cream, coconut oil, noni (Nonu fruit juice, as it is known in Samoa), and copra.

History

• The Samoa Tālā was introduced in 1967, after the country's political independence of New Zealand in 1962. It replaced the Pound at a rate of 2 Samoa Tālā = 1 Pound, then the current exchange rate for the New Zealand Dollar to the Pound.
• The value of the Samoa Tālā was unchanged against the New Zealand Dollar until 1975.
• In 1967, the Bank of Western Samoa introduced notes of 1, 2 and 10 Samoan Tālā.
• Samoan Tālā 5 notes were added in 1980 when the Monetary Board of Samoa took over paper money issuance.
• In 1984, 1 Tālā notes were replaced by coins.
• Polymer notes were also introduced in 1990.
• On August 1, 2008, the central bank issued a new series of five pieces of paper Samoa Tālā 500-100. The two highest denominations (50 and 100 Samoan Tala) are protected with a thread of De La Rue Optiks security that has a transparent window.

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