No Result
View All Result
Thursday, July 17, 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 Libya

Delivery of LD 400m and another LD 600m on the way stokes fear of further drop in dinar

byMichel Cousins
October 20, 2016
Reading Time: 2 mins read
A A

By Libya Herald reporter.

Tripoli, 19 October 2016:

Four hundred million dinars worth of new bank notes printed by a UK company have been delivered to the Central Bank of Libya (CBL) and, according to a British official, more is on its way. The LD 400 million is part of a LD 1 billion delivery, the rest of which should arrive in Tripoli within the next couple of weeks, the official told the Libya Herald.

The delivery of the new dinar is, however, stocking fears that it will create more inflation and cause the dinar to fall even further against the dollar, euro and other convertible currencies.

In Tripoli today, the dinar fell to 5.25 to the dollar on the black market. In Benghazi it is trading at 5.20 to the dollar. In Tobruk, it was reportedly trading at 2.40.

RELATED POSTS

Finance and Business Exhibition: Benghazi 5 to 7 January 2025

Workshop on ‘‘Regulating the Legal and Banking Framework’’ in Libya issues final recommendations

“Every extra billion dinars that’s printed and delivered to Libya pushes the dinar down a dollar,” said one senior Libyan administrator who predicted that the rate would soon hit LD 6 to $1. He also questioned whether the new cash would actually be made available in the banks, or simply held by the CBL

Today there were long queues outside banks in Tripoli with customers hoping that the new cash would be available. They went away disappointed as usual.

“The liquidity crisis is making people so very angry,” the administrator said. “All the staff in my office are complaining about not being able to draw cash from the banks,” he stated, adding that he himself had tried to borrow LD 1,000 in cash from colleagues but no one could lend him any amount of dinars.

In comparison, he added, power cuts, down to two hours a day, had ceased to be a cause of dissension and anger.

The cash crisis is made worse by the fact that many people have not been paid for months. Today, the state electricity company GECOL announced that employees would be paid this week their salaries for April and May.

Additionally, shops have stopped accepting prepaid credit card issued by the banks to alleviate the cash crisis. They stopped because the banks had no cash for the shopkeepers when they requested payment, despite prior promises that they would pay them.

As officials point out, the problem is not a lack of cash generally, it is a lack of cash in the banks. “There is plenty of money in certain hands, but no one will deposit it in the banks. They don’t trust them to give back to them,” one official said.

“The only way to rebuild trust in the banks is by privatising them and bringing in expertise from abroad to run them efficiently,” he said.

Agreeing, one Tripoli-based financial observer pointed to the difficulties surrounding the LD 50 bank notes printed by Russia and delivered to the east. There were places in Tripoli would not accept them, he said, nor would Misratan-run businesses. However, west of the capital Tripoli, most towns accepted them, he added, including not just those which were allied to the Libyan National Army and Khalifa Hafter, such as Zintan but also those that were previously suuporters of Libya Dawn, such as Gharyan and Zawia

Tags: Central Bank of LibyaFinanceLibya

Related Posts

ACA reveals 94,000 cases of state sector salary duplication in 2015
Libya

ACA suspends the Executive Director, the Chairman and 6 Board members of GNMTC

July 16, 2025
ACA reveals 94,000 cases of state sector salary duplication in 2015
Libya

Three Fisheries officials temporarily suspend from work by Administrative Control Authority suspected of corruption

July 15, 2025
ACA reveals 94,000 cases of state sector salary duplication in 2015
Libya

ACA saves LD 409 million on school textbook printing, suspends Tripoli Education Ministry’s Textbook Warehouse Manager

July 15, 2025
Attorney General orders arrests at Jumhouria bank branch for embezzlement
Libya

Attorney General provides update on investigation of incidents resulting from Tripoli 2025 armed clashes and demonstrations

July 11, 2025
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

Aldabaiba seeking long term partnership not interim solutions on combatting irregular migration

July 10, 2025
Acting Interior Minister Trabelsi taking steps to counter forged ID numbers and passports
Libya

There are 4 million irregular migrants in Libya: Interior Minister Trabelsi

July 10, 2025
Next Post
Hafter comments at military meeting in Tripoli triggers Presidency Council row

Hafter comments at military meeting in Tripoli triggers Presidency Council row

UNSMIL's Kobler tells Libya's neighbours it is at a critical stage

ADVERTISEMENT

Top Stories

  • Libyan Railways Implementation Authority invites International Federation of Railways to participate in November workshop

    China to resume implementation of its stalled railways projects in Libya

    0 shares
    Share 0 Tweet 0
  • Libya and Nigeria discuss gas projects, extension of export pipelines to Europe and high-level delegation visit to Tripoli

    0 shares
    Share 0 Tweet 0
  • Attorney General provides update on investigation of incidents resulting from Tripoli 2025 armed clashes and demonstrations

    0 shares
    Share 0 Tweet 0
  • Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions

    0 shares
    Share 0 Tweet 0
  • Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

    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

ACA suspends the Executive Director, the Chairman and 6 Board members of GNMTC

CBL Governor Issa pushes for improved e-payment services despite increase of points of sale by 92% and e-transactions by 75% since 2024

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.