Presidential council approves public sector salary increase
Just days after new exchange rate went into effect, 20% salary increase for public sector receives approval
This comes just days after the Central Bank of Libya adopted the new exchange rate of 4.48LYDs to 1 use dollar, effectively devaluing local currency.
The decision to increase the salary employees came in December of 2020 in the Eighth Extraordinary Meeting of the GNA cabinet, closely following the announcement of the new exchange rate by the Central Bank’s board of directors.
In a press release following the decision, the UN-backed Government stated the salary increase comes as a result of the economic and practical ramifications of the new unified exchange rate.
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