CBL confirms exchange rate unification

Exchange rate is to be set to 4.48 dinars starting January of 2021

Discussions regarding the official exchange rate finally reach a conclusion. [Photo: Internet]
The Central Bank of Libya (CBL) today announced that the board of directors and the joint technical committee tasked with unifying the exchange rate have reached a final decision.

According to the statement, the board decided to implement the recommendations of the committee by setting the exchange rate to 4.48LYD per dollar for all business, personal or governmental matters starting 3 of January 2021.

The bank also said that the board of directors agreed to increase their meetings in the upcoming weeks to address other financial issues facing the country including the liquidity crisis and delayed payments for government employees.

The statement reiterated that a spirit of optimism and comradery dominated the meeting between the directors and that the needs of the Libyan people were put above all else.

The decision was highly anticipated by the general public since the announcement that the exchange rate will be finally reunified, however, the outcome has been met with vast disappointment on social media with citizens accusing the bank of profiting off the public and criticising the board as well as demanding the exchange be set to the official one of just 1.35 dinar per dollar.

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