New exchange rate for Libya
After years of division, Libyans have started using a unified exchange rate throughout the country.
The Central Bank of Libya has introduced a unified exchange rate for the trouble-stricken North African country, reports Dryad Global today. Until now, years of in-fighting between rival factions have prevented the implementation of a national exchange rate.
The Government of National Accord suspended a fee on foreign currency transactions in an effort to bring the official rate closer to that of the black market. The new rate, set last month, is 4.8 dinars to the US dollar. In Tripoli, black markets rates were 5 dinars to the dollar but were falling towards the official rate.
Amer, a local currency exchange said: “We’ll have to wait three to four months to see how things go at commercial banks”. The move is part of a nationwide effort to remove economic obstacles to peacemaking and to encourage the implementation of reforms to promote good governance and commerce.
