No Result
View All Result
Tuesday, July 15, 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

Dinar weakens again

byNigel Ash
May 16, 2017
Reading Time: 2 mins read
A A

By Moutaz Ali.

Dinars

Tripoli, 16 May 2017:

The Libyan dinar has once again declined in value against the US dollar, hitting LD 8.50 in the black markets today.

However, the picture is somewhat unclear because of the enforced closure of some money dealers. One of the smaller players told the Libya Herald that while he had difficulty in operating, larger moneychangers continued to function and were, he claimed, to an extent rigging the market.

RELATED POSTS

Tripoli PM Aldabaiba closes 25 embassies, suspends overseas education scholarships and limits overseas conference participation – as part of hard currency savings drive

Aldabaiba calls for international stance against East’s uncontrolled spending

At the start of this month the dinar has recovered  from around LD 9.00 to LD 7.80 to the dollar. However, the “price discovery” of the dinar’s value has been complicated by the enforced shutdown of some of smaller outlets, including much of the gold market in Tripoli’s old city.

What had been a market mechanism, since customers could in the past shop around for the best deal, has been disrupted. The market-making has been transferred to a few big dealers, whom their smaller rivals accuse of rigging the exchange rate to their own advantage.

“It is a trick by some giant currency dealers, who are in control of deciding the rate of the dollar,” former currency dealer Adel Ben Suliman told the Libya Herald.

“They sacrifice a certain amount of dollars which they circulate in the market at a lower rate. Then they buy all hard currencies in the market at this rate.” After few days, he adds, they will increase the hard currency rate “and reap huge profits”.

The economic fundamentals remain that despite injections of new currency, printed both in the UK and Russia (thus increasing the money supply and weakening the value of the dinar), people continue to hoard cash and the banking system remains remarkably illiquid.  There are still queues every day outside bank branches as people try to get their hands on at least some of their savings, most particularly now, in the days leading up to Ramadan.

The lack of liquidity coupled with the printing of new money has combined to boost inflationary pressures which are reflected, albeit not all that clearly, in the dinar’s value against the US dollar and other hard currencies.

Tags: black marketfeaturedLibyaLibyan dinarUS dollar

Related Posts

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

Aldabaiba: Militias have become criminal gangs and a state within the state

July 9, 2025
Next Post
LNA marks third anniversary of Operation Dignity with impressive show of force

LNA marks third anniversary of Operation Dignity with impressive show of force

Banks agree loans repayment freeze for LCC employees

ADVERTISEMENT

Top Stories

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

    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
  • BP to reopen office in Libya, Shell discusses prospects for cooperation in oil field development‎

    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
  • China to resume implementation of its stalled railways projects in Libya

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

    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

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

UK Minister visits Tripoli – agreement signed to improve quality of English teaching at Libyan educational establishments

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.