GNA suspends fees on foreign currency transactions

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.