Libyan Investment Authority
|The LIA (Libyan
Investment Authority) is a Libyan government organization established on
August 28, 2006, by the GPCO (General People's
Committee of Libya) to manage the value of Libya's oil revenues and to
diversify the dependence of national income. It is a holding company that
manages investment funds of the government coming from the oil and gas
industry in various areas of the international finance market.
LIA is in charge for the assets of the Libyan Arab Foreign Investment Company and Oilinvest. Other activity of the LIA is related to the ESDF (Economic and Social Development Fund ), which manages assets in Libya to benefit Libya’s population. The ranking in terms of asset among the Sovereign Wealth Funds of the Libyan Investment Authority is higher than the Revenue Regulation Fund, but lower than the Government Pension Fund, the Government Investment Corporation, and Abu Dhabi Investment Authority.
The currency circulating in Libya is the dinar, which is issued by the Central Bank of Libya, has the ISO 4217 code LYD, and is subdivided into 1000 dirham. The dinar was introduced in 1971 replacing the Libyan pound at par.
Old coins equal to the dirham denominated in milliemes circulated until 1975.
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