Connect with us

Hi, what are you looking for?

video

Libya approves new exchange rate in a bid to save economy

Libyan Central Bank has agreed to a devalued exchange rate of 4.48 dinars to the US dollar.
Central Bank of Libya in the center of Tripoli, Libya near of Assaraya Al-Hamra and Martyrs’ Square

(Al Jazeera) The devaluation of Libya’s currency has taken effect, a move that is hoped will help the economy. The Central Bank has agreed to a devalued exchange rate of 4.48 dinars to the US dollar.

While the official rate was 1.34 dinars, a lack of availability of US dollars in banks created a black market, on which it currently trades at 5.1 dinars. Exchange rates have varied across the country because of conflict, the black market and banknotes printed abroad.

Al Jazeera’s Malik Traina reports from Misrata, considered as Libya’s economic hub.

Libya approves new exchange rate in a bid to save economy

Related:

Libyans start using new exchange rate

Business

moreOil production in Libya will experience production cut of 90,000 barrels per day for a week due to maintenance work carried out by the...

Business

moreLibya’s oil revenues have increased by 55%, at an average of $9.53 billion, during the first half of this year. While the value of...

Finance

moreFood and pharmaceutical commodities prices in the Libyan markets have witnessed an increase of 10-13% during June. International Monetary Fund predicted inflation rates to...

Finance

moreLibya’s foreign exchange reserves have decreased by 8% since December 2014, English company Deloitte confirmed in a report. The report came after Deloitte completed...