The Central Bank of Libya (CBL) announced Wednesday that it had agreed, during the second meeting to complete its unification procedures, to support bank balances with 9 billion dinars to expand their banking services, such as selling foreign currencies, and to take measures that support the stability of the exchange rate and limit its rise in the parallel market.
This comes after a sharp fall in the dinar’s exchange rate last week in the black-market from about 5.10 to 5.60. On Thursday it fell back to about 5.34. The official LD-dollar exchange rate is 4.91 to the dollar. The sharp rise is put to speculation in the black-market and the CBL black-listing over 100 UAE-based companies accused of money laundering.
It was also agreed at the CBL meeting to study the withdrawal of some issues of currency from the old denominations and the fifty dinar denomination.
The meeting also held Wednesday, discussed the procedures that support unification efforts and agreed on a single organizational structure and one director to manage banking and monetary supervision in order to enhance the unification project.