The Tripoli based Libyan Ministry of Economy and Trade warned all in Libyan against currency speculation or buying foreign currencies for non-productive or legitimate consumer purposes.
In a statement issued last Sunday (29 June), the ministry urged everyone to exercise caution, protect their savings, and not be swayed by market rumours or unofficial recommendations. Economic stability is a shared responsibility, it added, beginning with citizen awareness and ending with the proper implementation of official policies.
At the time of publication of this article one USD purchased LD 7.70 on the black-market while the official exchange rate at banks is one dollar to LD 5.5677.
The loss of value of the Libyan dinar on the black market is causing a major strain on the Libyan economy. Successive Central Bank of Libya Governors and governments have attempted unsuccessfully to retain the value of the dinar.
Libya is a very centralised, undiversified rentier economy depending on hydrocarbon revenues for over 90 percent of its hard currency revenues.
