Libya’s black market exchange rate reaches record numbers

Conflict over oil revenues causes the exchange rate to climb higher than it has in three years

BY Libyan Express Dec 01, 2020 - 18:09 Updated: Dec 07, 2020 - 11:48

Exchange rate climb could lead to a drastic increase in living expenses for the public. [Photo: Internet/Archive.]

Foreign currency exchange rates in the Libyan black market have reached record numbers for the first time in years.

The dollar on Monday night spiked to 7.03 LYD, a 4.56% increase, which is a number it hasn’t risen to since 2017.

The euro climbed to 8.54 LYD, a 7.23% increase.

And the pound rose highest of all as one of the world’s most expensive currencies at 9.3 LYD, an increase of 6.9%.

The spike in foreign currencies comes as a result of the ongoing dispute for the oil revenues currently frozen at the orders of the chairman of the National Oil Cooperation, Mustafa Sanalla, after accusations made by the Central Bank of Libya that the NOC is embezzling public funds.

The chairman of the oil company reiterated on Sunday that revenues will remain frozen until the Governer of the Central Bank fixes what he called failed polices and instates transparent and honest mechanisms for distributing the funds to the Libyan people.

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