“The dollar hit 10 dinars in the parallel market in Libya!” The Governor of the Central Bank in Tripoli is sounding the alarm and revealing the solution to save oil revenues!

صحافة بلادي — The financial and commercial markets in Libya are witnessing great anticipation after the explicit warnings issued by the Governor of the Central Bank of Libya regarding the strong pressures on the exchange rate of the Libyan dinar, which has touched the threshold of 10 dinars per dollar in the parallel market.

Oil revenues are not enough with the duplication of government spending

The governor explained that despite the regular production and export of Libyan oil, the absence of a unified general budget and inflation in consumer spending are depleting foreign exchange reserves and raising the prices of imported goods for Libyan citizens.

Banking procedures to control credits and provide liquidity to citizens

The Central Bank announced a package of new supervisory controls to regulate documentary credits and provide cash liquidity and electronic payment in commercial banks to ease the burden on Libyan families.