No Result
View All Result
Wednesday, June 7, 2023
22 °c
Tripoli
22 ° Thu
23 ° Fri
26 ° Sat
25 ° 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

Credit and Development bank chairman calls on CBL to float Libyan Dinar

bySami Zaptia
April 17, 2017
Reading Time: 2 mins read
A A
12
SHARES
52
VIEWS
Share on FacebookShare on Twitter

By Sami Zaptia.

The C&D bank chairman calls on the CBL to float the Libyan Dinar (Photo: Sami Zaptia).
The C&D bank chairman calls on the CBL to float the Libyan Dinar (Photo: Sami Zaptia).

London. 17 April 2017:

One of the leading Libyan bankers has called for pressure to be put on the Central Bank of Libya (CBL) to change its monetary policy and float the Libyan dinar.

Speaking yesterday on Iktisadia TV channel, the chairman of the Commerce and Development (C&D) bank, Jamal Abdulmalik, insisted that this was the only solution to Libya’s economic woes.

Referring to the experience of Jordan in solving its foreign currency exchange rate and valuation of its local currency, the C&D chairman said that this was the way forward for Libya.

RELATED POSTS

CBL temporarily suspends chairman and directors of ATIB

LD 4.6 bn in cash delivered by Tripoli CBL to eastern banks: CBL Benghazi

Adulmalik noted that Jordan had a much smaller GDP, no oil revenues and ‘‘a fraction of Libya’s foreign currency reserves’’ yet it enjoyed a stable and working exchange rate and valuation of its local currency for years.

He noted that Jordan has been able to keep its currency stable and with a very small margin spread between the official and the black market rate and the buying and selling prices.

He felt that Libya’s current liquidity, foreign exchange and Dinar valuation problems would be fixed ‘‘in two months’’ if the Central Bank of Libya (CBL) removed its foreign currency controls. He maintained that the current sky-high black market exchange rate (at around LD 8 to the dollar as opposed to the official rate of LD 1.4 to the dollar) would fall to a lower rate and the liquidity crisis would also be resolved.

He called for ‘‘pressure to be exerted on the CBL’’ to implement this. ‘‘This is the only way to solve Libya’s economic problem’’ and relieve the beleaguered Libyan people from their suffering.

It must be noted that the C&D bank has been, rightly or wrongly, accused of cooperating with Libya’s black market traders. It is popularly perceived as the bank that uses most of its cheques for foreign currency transactions. Going even further in Libya’s current polarised political climate, it is also accused of wanting to exacerbate the foreign currency exchange crisis because of the fact that its head office is based in eastern Libya.

During the last clampdown by security forces, believed to be the Bab Tajura brigade, all C&D banks in Tripoli were closed and its staff were arrested. Most staff were later released but management was kept under arrest.

Libya’s Union of Chambers of Commerce calls on Presidency Council, the Central Bank of Libya and Audit Bureau to take steps to save Libyan economy

The Libyan Union of Chambers of Commerce and Industry has also called on Libyan authorities, including the CBL to take the necessary steps to save the Libyan economy by revaluing the Libyan dinar as well as implementing subsidy reforms.

The Tripoli-based Central Bank of Libya Governor Saddek El Kaber for his part has promised in a recently released press statement to address many of these issues in a press conference in the coming days.

 
Tags: black market foreign exchange ratesCBL Central Bank of LibyaCredit and Development BankfeaturedfloatationJordan
Share5Tweet3Share1

Related Posts

The International Forum & Exhibition for Free Zones – Misrata: 28 to 29 June at Misrata Free Zone
Business

Misrata Free Zone confirms its continuation to transform to full electronic management

June 6, 2023
Libya invites German companies to resume their projects and invest in Libya
Business

Libya invites German companies to resume their projects and invest in Libya

June 6, 2023
British Libyan Business Association and the Libyan Business Council sign MoU
Business

British Libyan Business Association and the Libyan Business Council sign MoU

June 5, 2023
Libyan Export Promotion Centre discusses with Italian Chamber export of olive oil, dates and tuna to Italy and Europe
Business

Libyan-Tunisia agricultural, marine and food sector B2B meetings – Tunis 19 to 20 June

June 5, 2023
Tripoli Chamber leading business delegation to Saudi on 22 August
Business

Tripoli Chamber leading business delegation to Saudi on 22 August

June 5, 2023
On National Information Technology Day, the mini-satellite project CubeSat was launched
Business

On National Information Technology Day, the mini-satellite project CubeSat was launched

June 4, 2023
Next Post
Fireman dies on way Benghazi university “murder” blaze

Fireman dies on way Benghazi university "murder" blaze

Southern fightings risks political process as well as lives says EU

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • HB Group opens Apple authorised I-Shop reseller in Tripoli’s Siyahia

    HB Group opens Apple authorised I-Shop reseller in Tripoli’s Siyahia

    75 shares
    Share 30 Tweet 19
  • British Libyan Business Association and the Libyan Business Council sign MoU

    65 shares
    Share 26 Tweet 16
  • AMLY School is offering an innovative approach to learning in Libya

    61 shares
    Share 25 Tweet 15
  • State recognised militia and Libyan Army clash in central Tripoli

    253 shares
    Share 102 Tweet 63
  • Benghazi Turkish Trade Exhibition postponed to 12-15 June

    46 shares
    Share 18 Tweet 12
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

Misrata Free Zone confirms its continuation to transform to full electronic management

Audit Bureau evaluates the performance of embassies abroad and lawsuits filed against the Libyan state

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?