Libya imposes fees on foreign currency transactions
Libya’s government of national accord on Wednesday imposed a fee of 183 percent on foreign currency transactions, effectively devaluing the Libyan dinar to bridge the gap to the dominating black market.
The move devalues the official rate of the dinar to the dollar for such deals to around 3.90 from around 1.4.
The decision had an immediate impact on the black market, leading to the dollar to drop from $1=6.50 dinars to $1=5.70 dinars on Thursday morning.
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 oped@libyanexpress.com. Please include ‘Op-Ed’ in the subject line.
How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@libyanexpress.com. Please include ‘Op-Ed’ in the subject line.
Latest posts by Libyan Express (see all)
- Tripolitania Society says 6+6 committee’s outcomes are arbitrary - June 09, 2023
- Minister of Labour reaffirms government’s social justice efforts - June 09, 2023
- Meloni: Libya remains a strategic partner for Italy - June 08, 2023