Exchange rate amongst the many challenges face the CBL
Libya's fluctuating exchange rate remains one of the biggest challenges facing the country's struggling economy
Libya’s economy remains in disarray following the postponement of the Central Bank’s Board of Directors meeting twice in May, with a new date set for June 3rd t To facilitate an online meeting between members.
At their next meeting, members of the Central Bank’s Administration will consider the possibility of devaluing the dollar, which would coincide with the House of Representatives’ consideration of the draft budget, which has not yet been adopted.
Experts and financial analysts have cautioned against such a large budget at 97 billion dinars, which means that future price adjustments or acceptance of the option of increasing the budget deficit will be difficult.
Economists said they had learned from sources within the Technical Committee on Exchange Rate Study and Adjustment that the exchange rate will likely be reduced by only a quarter of a dinar per dollar, implying that the exchange rate will remain significantly higher than four dinars.
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