GNA suspends fees on foreign currency transactions

Fees on foreign currency exchange suspended to combat black market rates

The devaluation of the dinar will result in greater economic struggles for the average citizen. [Photo: Internet]
As the newly instated unified exchange rate goes into effect, the Government of National Accord suspended fees on foreign currency transactions introduced two years ago in a bid to combat the black market rate by bringing the official one closer to it.

After a meeting of the unified board of directors of the Central Bank of Libya for the first time in six years this past December, a new exchange rate was introduced after years of division and the national economy being dominated by black market rates.

The confirmed rate of 4.8 dinars to 1 US dollar was approved last month and took effect this last Sunday, effectively devaluing the Libyan dinar meaning the cost of goods and services is likely to climb.

A currency dealer in Tripoli, Amer commented saying “We’ll have to wait three or four months to see how things go at commercial banks.”

On Sunday, the black market rate remained at 5 dinars and currency trade shops were mostly closed waiting on the market to settle after the new official rate went into effect.

The decision to devalue the Libyan dinar has been met with harsh criticism from citizens across Libya, stating that their lives will only become harder as the rich will only make the rich, richer and the poor, poorer.

The United Nations hailed the agreement to unify the exchange rate by the board of directors as the first real step towards change and economic reform after years of financial instability for the Libyan people.

The views expressed in Op-Ed pieces are those of the author and do not purport to reflect the opinions or views of Libyan Express.
How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to Please include ‘Op-Ed’ in the subject line.
You might also like

Submit a Correction

For: GNA suspends fees on foreign currency transactions

Your suggestion have been successfully submitted

There was an error while trying to send your request. Please try again.

Libyan Express will use the information you provide on this form to be in touch with you and to provide updates and marketing.