Experts underline importance of organised currency trading in Libya

Libyan economist Mukhtar Al-Jadid has warned that some currency exchange companies in Libya have begun purchasing the $2,000 foreign currency allocation designated for citizens at a rate of around LYD 18,300 via cheque transfers, equivalent to approximately LYD 9.15 per US dollar.

In a post published on his Facebook account, Al-Jadid said exchange firms are not permitted to determine their own selling rates for the US dollar, stressing that they must adhere to the profit margin set by the Central Bank of Libya.

He explained that compliance with the authorised margin would mean that when exchange companies begin executing direct transfers for traders, the selling price of the dollar should not exceed LYD 9.30 per dollar when paid by cheque.

Al-Jadid added that respecting these limits is essential to maintaining order in the foreign exchange market and reducing price disparities, warning that ignoring the central bank’s guidelines could further distort the market and undermine confidence in the system.