No Result
View All Result
Thursday, September 21, 2023
28 °c
Tripoli
28 ° Fri
27 ° Sat
24 ° Sun
23 ° Mon
  • 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

Dollar drops to below four-dinar rate as demand falls

bySami Zaptia
May 14, 2016
Reading Time: 2 mins read
A A
12
SHARES
51
VIEWS
Share on FacebookShare on Twitter

By Sami Zaptia.

The black market dollar exchange rate fell below the psychological LD 4 mark last week.
The black market dollar exchange rate fell below the psychological LD 4 mark last week.

London, 14 May 2016:

The black market dollar exchange rate fell below the psychological four-dinar rate last week after . . .[restrict]spending part of the week at near-record rates.

A foreign exchange trader, who insisted on anonymity, told Libya Herald yesterday that the failure of Prime Minister-designate Faiez Serraj and his Presidency Council/Government of National Accord (PC/GNA) to affect change on the ground and the perceived threat to the oil crescent, contributed to the dinar’s gain in value.

Moreover, he said that when the dollar costs more than the psychological LD 4 mark, many Libyans cannot afford it or perceive it as expensive, and demand falls. He confirmed that demand had tapered off last week.

RELATED POSTS

Fuel and gas to southern Libya being supplied from Misrata Depot: Brega

Brega completes cooking gas cylinder filling unit in eastern Libya

He also reported that a prominent Dubai-based foreign exchange dealer working with Libyans had his business frozen by Dubai authorities. A number of Libyan exchangers’ activities were affected by his shutdown.

The dollar was exchanging for as low as LD 3.70 at one point last week. Today it was being exchanged for LD 3.80. The official exchange rate is LD 1.30 to 1.40 for the dollar. On 2nd April, three days after the Tripoli arrival of Faiez Serraj and his PC/GNA, the dollar was exchanging for as low as LD 2.70.

It will be recalled that the poor fundamentals of the Libyan economy still persist. Libya’s oil production is still down to 27 percent of its 2012 peak causing a drastic drop in state revenues and an on-going budget deficit.

The foreign currency reserves used to make up the deficit are fast depleting to three years’ cover. The loss of confidence in the Libyan economy has led to a cash shortage as Libyans have chosen to hoard their cash at home. [/restrict]

 
Tags: black marketdollar exchange ratefeatured
Share5Tweet3Share1

Related Posts

Electronic Tracking system for imported goods goes into operation
Business

Customs Authority implements digital transformation through pilot project for customs declaration e-portal

September 21, 2023
Libyan Business Council to complete a stalled 2,000-apartment project in Derna to house flood victims
Business

Libyan Business Council to complete a stalled 2,000-apartment project in Derna to house flood victims

September 21, 2023
Electronic Tracking system for imported goods goes into operation
Business

Libyan Customs Authority signs agreement with Dubai-based Webb Fontaine for Advance Cargo Information System

September 21, 2023
Turkey agrees to reduce age range for Libyans requiring an entry visa
Business

Technical Turkish delegation reaffirms desire for return of Turkish airlines to Libya

September 12, 2023
Oil Minister Aoun confirms support for development of Zawia Refinery and its port
Business

Oil Minister Aoun confirms support for development of Zawia Refinery and its port

September 12, 2023
Libyan Export Promotion Centre discusses with Italian Chamber export of olive oil, dates and tuna to Italy and Europe
Business

Packaging workshop to be held to improve international competitiveness of Libyan products

September 11, 2023
Next Post
Tripoli IS terror cell planning operations, captured by Rada

Tripoli IS terror cell planning operations, captured by Rada

Kufra mayor discuss illegal migration with Chad consul

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • Tripoli and Hafter’s army working side-by-side – A roundup of the eastern rescue effort

    Tripoli and Hafter’s army working side-by-side – A roundup of the eastern rescue effort

    178 shares
    Share 73 Tweet 44
  • Latest UN satellite imagery shows extent of Storm Daniel destruction in Derna

    115 shares
    Share 47 Tweet 29
  • More than 5,300 dead and 10,000 missing in Derna disaster

    318 shares
    Share 139 Tweet 75
  • 23 flights of international aid from 12 states arrive in Libya within 24 hours – government asks UN to coordinate effort

    184 shares
    Share 74 Tweet 46
  • Derna disaster update: Five Greek aid workers die in road accident, Spanish and Maltese teams return home

    87 shares
    Share 35 Tweet 22
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

Minister of Local Government meets German and Italian ambassadors to discuss Flood Daniel aid and reconstruction

Customs Authority implements digital transformation through pilot project for customs declaration e-portal

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.

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

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow 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
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?