Official exchange rate to continue declining gradually

Member of exchange rate committee stresses that new rate is not set and will continue shrinking

Libyan citizens set to regain purchasing power in the wake of the new exchange rate. [Photo: Internet]
In a televised interview, Misbah Akkari, Former chairman of Libya’s largest bank, Al-Jumhuriya and current member of the Central Bank of Libya’s (CBL) Exchange Rate Adjustment Committee confirmed that the new exchange rate will continue to decline.

In response to public outcry against the new exchange rate of the dollar set by the CBL’s board of Directors at 4.48 dinars, Akkari stressed that the new official rate is not set in stone and is expected to be reduced gradually and rationally as not to harm businesses and business owners across the country.

He also emphasised with the new exchange rate and elimination of the black market in currency exchange, the prices of goods and services in Libya will see a steep decline estimated at 35 to 40 in 2021, thus returning a large increase of purchasing power to the average citizen.

Akkair expects that 2021 will be the year of a long-awaited change in Libya as the country will take a turn for positive development, reminding politicians everywhere to take part in the achieving economic stability by making needed reforms in monetary policies in favour of the general public and overall boom in Libya’s economy.

The reunified board of director of the Central Bank of Libya earlier this month issued the highly anticipated announcement of the new official exchange rate of the Libyan dinar, setting the rate at 4.48 dinar per dollar as of the 3rd of January.

As part of ongoing reforms to monetary policy, the spokesperson of the presidential council Ghalib Al-Zaklai announced yesterday that in an emergency meeting, the cabinet of the GNA has reached the decision to increase the salaries of the public sector employees by 20%.

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