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Libya approves new exchange rate in a bid to save economy

Published

January 4, 2021

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.