Bank Exchange Rates for Liberian Dollar
Bank Exchange Rates for Liberia - LRD - Liberian Dollar - L$ or LD$. The foreign exchange rates for Liberia also known as the ISO code LRD or the Liberian Dollar currency and as a symbol L$ or LD$.
Currently in circulation are 5, 10, 25, and 50 cent coins, along with $1 coins. Banknotes are available in denominations of 5, 10, 20, 50 and 100 dollars.
Bank Exchange Rates for Liberia
Liberia first started using the Liberian dollar in 1847; this dollar was pegged at a 1:1 ratio with the US dollar. In 1907 the Liberian dollar was replaced by the introduction of the British West African Pound, pegged to the pound sterling. Send Money Transfer to Liberia.
Currency Rate for Liberia
History The first Liberian currency was the Liberian Dollar and its use started in 1847. The currency was attached on par with the US Dollar. The country used both currencies until 1907 when it was replaced by the British pound that was attached to the Sterling Pound. Later in 1935, the US Dollar was adopted to replace the British pound. The 1980 coup de 'tat led to a currency shortage that the government exacerbated when it minted $5 coins.
Later new $10 notes replaced the coins, which led to a two currencies economy in which the government side used the new "Liberty" notes while the non-government side used the old notes. New bills were introduced in 2000.
Banknotes and coins The Liberian Dollar has many coins that range from 1 to 2500 Dollars. The coins have been in use since the 1970s until today.Liberian Dollar banknotes are produced in six categories: $5, $10, $20, $50, $100 and $500. $5 bills emerged in 1989 and had J.J.Roberts' picture. "Liberty" notes emerged in 1991 to replace the earlier notes and bore Liberia's arms picture. Current bills were introduced in 2000 to replace the earlier ones and featured a picture of former presidents.
Currency Rates for Liberian Dollar
The $500 bill was introduced in 2016.
Restrictions Regulations require that for the Liberian Dollar, all amounts should not exceed US Dollar 10,000 or their equivalent in other currencies. Besides, regarding the Liberian Dollar and international currencies, currency export may be carried out up to US $7,500 or its equivalent. Any amount that exceeds that or its equivalent can only be exported through bank drafts, money orders, etc. and must be declared.
Substitution Currently, Liberia operates a dual currency economy in which both the Liberian Dollar and the US Dollar are in circulation.
Issues The two main issues that the Liberian Dollar has been facing are porosity and soiling. However, the Central Bank of Liberia introduced new bills in 2016 with enhanced features to increase their lifespan.
GBP to LRD
The British West African Pound was replaced by the introduction of the US dollar in 1935. However, Liberia began issuing its own currency alongside the US denominations. In the 1980’s, the minting of $5 coins worsened the already struggling currency.
After the economic crisis. $5 and $1 coins weighed the same, which was abused by traders, leading to the issuing of $5 notes, rather than coins. Bank Exchange Rates for Liberia. The foreign exchange rates for Liberian Dollar also known as the ISO code LRD. Send money transfer online with us with the cheapest options.