By Libya Herald reporters.
![The contending governments of Libya are struggling to cut spending in view of . . .[restrict]falling revenue (Photo: Sami Zaptia).](http://www.libyaherald.com/wp-content/uploads/2014/07/DSC01873-b-300x225.jpg)
Tripoli, 24 January 2015:
The authorities in Tripoli have vowed to crack down on black market currency traders whom they accuse of undermining the value of the dinar against foreign currencies.
Osman Younis Barasi the minister of finance in the antigovernment of Omer Al-Hassi joined the economy commission of the rump of the General National Congress in bemoaning the collapse of the dinar’s official exchange rate which has hit two to the US dollar. They blamed the black market for imposing a heavy burden, which they said, threatened the political situation in the country.
They were going to pursue those who were, they said, manipulating the market. They warned that the collapsing dinar value would mean higher prices for consumables which would increase the sufferings of citizens, particularly those who were no longer being paid their salaries.
Since the revolution, the Gold Market in the old town, where most dealers are based, has become increasingly important for business, needing to bypass a slow and inefficient banking sector. It is even reported that banks have used the dealers’ overseas networks to bypass cumbersome official transfer procedures.
Barasi and the GNC economy committee have also called for a crackdown on the bank accounts of black market currency traders. [/restrict]
