TRIPOLI – The Central Bank of Libya started issuing new Libyan banknotes Thursday. The notes have face values of one, five, ten and twenty dinars. There were plans to bring in a LD 50 note but the bank decided against it in a bid to control the black economy. According to the Bank's Facebook page, there was a special event at the bank in the morning to launch the new notes attended by the chairman, Saddek Elkaber, the vice chairman, members of the board and CEOs of other banks. The new notes arrived Wednesday at Mitiga airbase and will slowly replace the old ones. The bank has not, however, given a date as yet when the latter will cease to be valid tender. Given the amount in circulation, it is not expected to be until much later this year, at the very earliest. The old, large-size five and ten dinar notes were supposed to be no longer valid as of Nov. 1 and all of them handed into the Central Bank by 31 December last year. However, this was then extended until Feb. 28, 2013. New coins are also planned to replace those of the Gaddafi era but are expected to take longer to appear. Late last year, a tender notice was issued to mints abroad for the design and minting of new 50-dirham, 100-dirham, quarter-dinar and half-dinar coins. All will be round. A small number of one dinar coins is also planned. – Libya Herald
