Bank clerks intentionally delaying kickoff of Libya’s economic reforms

Driven by personal ends and for their own benefits, employees at Libya’s banks are now delaying the implementation of the economic reforms approved over a month ago by the Central Bank of Libya and the Presidential Council, a Libyan economist told the Libyan News. 

The sources, who preferred not to be named, said the clerks have connections with the black market and the current hike in dollar exchange to the Libyan dinar, despite the approval of reforms, by their purposeful delay of executing the endorsed reforms.

The CBL and the PC agreed on slapping fees on foreign currency transactions (180%) making the purchase prices 3.90 Libyan dinars per one dollar instead of 1.4, which will remain for treatment, study and family grants’ transactions only.