No Result
View All Result
Monday, October 13, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

CBL takes action to halt sliding LD black market exchange rate

bySami Zaptia
August 14, 2015
Reading Time: 2 mins read
A A

By Saber Ayyub.

The CBL is taking steps that it hopes will halt slide in the LD black market exchange rate (Photo: Sami Zaptia).
The CBL is taking steps that it hopes will halt the slide in the LD black market exchange rate (Photo: Sami Zaptia).

Tripoli, 14 August 2015:

The Central Bank of Libya (CBL) yesterday announced a number of urgent measures with regard to the . . .[restrict]decline of the exchange rate of the local currency against the main international currencies on the black market.

The announcement followed an extensive meeting in Tripoli revealed yesterday, attended by representatives of local commercial banks, businessmen and officials from the CBL.

The approved plan proposed solutions for the decline in the exchange rate of the Libyan Dinar by providing the banks with hard currency, fighting corruption in the issuing procedures of Letter of Credit (LCs) and supporting local banks in finding ways to provide citizens with debit cards.

RELATED POSTS

CBL fails to attend workshop on “Decision-Making and Implementation Meet: A Direct Dialogue between the CBL and the Private Sector”

Grand Mufti raises objections to CBL’s supposedly Islamic – Sharia compliant certificates of deposit

“The two mains reasons are the decrease of the export of oil by two thirds and the corruption in the issuing Letter of Credit at commercial banks in which some obtain this benefit in order to import products to the local market but instead they resell the hard currency in the black market by using these credits” CBL Media office manager Essam Al-Oul said.

Salem Ali, a 50-year-old Tripoli resident with six children, says that he is fed up with price increases due to the decline of the dinar. “It is always ordinary people who pay the price of any crisis” he said disconsolately.

As part of its proposed reform plans, the CBL promised to provide all local banks with enough foreign currency to meet the general public’s demand for use for medical, study and tourism purposes.

The CBL has also proposed a new mechanism for issuing LCs in order to decrease the corruption in that sector as well as reorganizing the process of the issuing of debit cards. The whole issue of the issuance of debit cards has become a black market racket.

It will be recalled that Libya has been suffering an acute financial crises due to political and military infighting, a crash in its oil production as well as a crash in international crude oil prices. The fall in Libya’s oil revenues and failure to cut spending has meant that it has suffered recurring budget deficits.

These deficits have had to be subsidised from Libya’s 100 bn plus foreign currency surplus amassed by the Qaddafi regime over decades.

However, the high demand on foreign currency has meant that the CBL is tightening the outflow of foreign currency to the general public which has in turn contributed to the near doubling of the dinar’s black market rate from circa 1.30 to 2.50 per US dollar.

This rocketing of the black market rate has raised the cost of living and eroded Libyans’ purchasing power and has put pressure on the CBL to stem the rise of the dollar’s black market rate. [/restrict]

Tags: black marketCBL Central Bank of Libyadollarexchange ratefeaturedLibyan dinar

Related Posts

NOC announces force majeure at Zawia port
Business

Initial phases of operation of Ras Lanuf Ethylene Plant begin following plant shutdown since February 2025

October 13, 2025
Tripoli Chamber invites investment proposals for its buildings
Business

CBL fails to attend workshop on “Decision-Making and Implementation Meet: A Direct Dialogue between the CBL and the Private Sector”

October 13, 2025
NOC announces force majeure at Zawia port
Business

National Oil Corporation wins case brought against it by owners of Noor (1) tanker in London Court of International Arbitration

October 13, 2025
“Beaches and marine life: Between investment and environmental conservation. Towards more sustainable eco-tourism” debate held in Tripoli
Business

“Beaches and marine life: Between investment and environmental conservation. Towards more sustainable eco-tourism” debate held in Tripoli

October 10, 2025
NESDB discusses food security and social protection with World Food Programme
Business

National Social and Economic Development Board organises dialogue on economic policy alignment

October 9, 2025
Minister of Industry meets the Committee for Localisation of Oil Materials and Equipment Industry
Business

Ministry of Industry and Minerals discusses establishment of cement factory with Hungarian company Rotary International Ltd

October 9, 2025
Next Post
Army in Tripoli parades to celebrate 75th anniversary; public dismissive

Army in Tripoli parades to celebrate 75th anniversary; public dismissive

IS seizes Sirte’s District No 3, executes locals, burns local medical centre: report

IS seizes Sirte’s District No 3, executes locals, burns local medical centre: report

ADVERTISEMENT

Top Stories

  • GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU

    Libya and UAE discuss resumption of flights – Airline delegations to visit Libya soon to discuss flight resumption dates

    0 shares
    Share 0 Tweet 0
  • CBL reviews foreign assets totalling US$ 98.8 billion with investment return of US$ 2.2 billion to September

    0 shares
    Share 0 Tweet 0
  • IOM identifies 894,890 migrants in Libya from 45 nationalities in May-July 2025 reporting period – 18 percent up on 2024

    0 shares
    Share 0 Tweet 0
  • NOC Chairman gives green light to start installation of giant compressors in Bahr al-Salam field ‎

    0 shares
    Share 0 Tweet 0
  • CBL announces that first ‘‘Absolute Speculative’’ Certificates of Deposit will be issued to banks from 12 October

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Initial phases of operation of Ras Lanuf Ethylene Plant begin following plant shutdown since February 2025

National Development Authority signs contract to develop Sirte’s Mahari Hotel and the Guest Palaces area in line with Libya’s 2030 Vision

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.