No Result
View All Result
Monday, July 7, 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

Libyan Businessmen Council calls on CBL to stabilize the dinar exchange rate

bySami Zaptia
April 18, 2017
Reading Time: 2 mins read
A A

By Sami Zaptia.

The Libyan Businessmen Council calls on the CBL to stabilize the Libyan dinar (Logo: LBC).
The Libyan Businessmen Council calls on the CBL to stabilize the Libyan dinar (Logo: LBC).

London, 18 April 2017:

The head of the Libyan Businessmen (LBC) Council, Abdalla Fellah, has called on the Tripoli-based Central Bank of Libya (CBL) to ‘‘take action in stabilizing the exchange rate of the Libyan Dinar’’ (LD). The LBC is the only current business council recognized by law.

Speaking to Libya Herald, Fellah said that the CBL should ‘‘take steps to set a stable price’’ for the sky-high LD which is at around LD 8.5 per dollar. The official rate is LD 1.4 per dollar.

Setting a more realistic price ‘‘would give confidence to the market and country’’ and stop the ‘‘battle to gain access to hard currency’’ at the official exchange rate, he explained. However, Fellah would not suggest an exchange rate for devaluing the LD, adding that that was ‘‘the job of the CBL.

RELATED POSTS

Aldabaiba and Menfi stress use of polling feedback to establish consensus basis for constitutional process: report and analysis

Solution to Libya’s economic crisis is not through dinar devaluation but through economic reforms: 55 HoR members

The LBC ‘‘is not calling for a specific price. That is not our job. Finance is the job of the CBL’’, but a devaluation of the LD needs to take place.

With reference to other calls from businessmen for specific exchange rates to be set, Fellah added that the ‘‘opinions of individual businessmen do not represent the view of the LBC’’.

Fellah also repeated his criticism of the way the CBL went about opening Letters of Credit (LCs)to various companies – as opposed to others. He referred to the fact that many companies who had received LCs in 2016 had corruptly ‘‘imported empty containers’’.

The LBC chairman felt that the CBL was not doing enough to prevent financial and foreign exchange corruption. He definitely feels that the CBL is not consulting the business community and seeking its help in fighting corruption and solving Libya’s economic problems.

Fellah suggested that the LBC may consider creating a blacklist of ‘‘discredited’’ companies/directors in the fight against corruption. ‘‘The LBC has standards to maintain and has to be seen as a clean and respectable organization’’, he insisted.

The call by Fellah follows other calls from the General Union of Chambers of Commerce and leading bankers on the CBL to take action to halt the sliding value of the Libyan Dinar. The CBL Governor, for his part, has blamed the country’s economic woes on weak governments. He has promised a press conference soon.

Tags: CBL Governor Saddek Elkaberfeaturedforeign exchange rateLBC Libyan Businessmen Council Abdalla FelahLibyan dinar devaluation

Related Posts

CBL receives results from meetings with international banks
Business

A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

July 2, 2025
Libya Herald exclusive: Responding to the prime minister’s call yesterday to the private sector and banks to do more, leading businessman Husni Bey responds
Business

Op-Ed: Reputational Damage Is Worse Than Losing Money

July 2, 2025
Benghazi port receives 398 containers of mixed goods, 25,000 tons of wheat, 28,500 tons of barley and 6,000 tons of cement
Business

All imports into Libya must be paid for through official bank transactions

July 2, 2025
World Bank holds off on Tunisian $50m power plant fund; implications for Libya
Business

Libya’s economy showed recovery in 2024, remained resilient despite reliance on hydrocarbons and ongoing political and security instability: World Bank

July 1, 2025
CBL receives results from meetings with international banks
Business

CBL demands imports are conducted through official banking instruments and the elimination of the FX black market

July 1, 2025
Harouge Oil reaches record 45,000 bpd production – to increase it by 25,000 bpd
Business

Harouge Oil Operations Company replaces Al-Ghani field pipeline

July 1, 2025
Next Post
Top Shahat official resigns saying he is not allowed to do his job

Top Shahat official resigns saying he is not allowed to do his job

Sirte hospital to reopen next week

ADVERTISEMENT

Top Stories

  • Libya Herald exclusive: Responding to the prime minister’s call yesterday to the private sector and banks to do more, leading businessman Husni Bey responds

    Op-Ed: Reputational Damage Is Worse Than Losing Money

    0 shares
    Share 0 Tweet 0
  • All imports into Libya must be paid for through official bank transactions

    0 shares
    Share 0 Tweet 0
  • CBL demands imports are conducted through official banking instruments and the elimination of the FX black market

    0 shares
    Share 0 Tweet 0
  • Libya’s economy showed recovery in 2024, remained resilient despite reliance on hydrocarbons and ongoing political and security instability: World Bank

    0 shares
    Share 0 Tweet 0
  • A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

    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

A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL ‎

Op-Ed: Reputational Damage Is Worse Than Losing Money

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.