The Central Bank of Libya (CBL) announced today the granting of new final practice permits to 91 companies and foreign exchange bureaux.
The announcement comes with the background of the Libyan dinar reaching today 8.17 to one dollar on the black-market and the continuation of the country’s cash crises.
The CBL said the announcement of the licensing of 91 new FX Bureaux comes within the framework of its plan to activate the role of exchange companies and FX Bureaux.
It also comes in follow-up to the previous announcements regarding the granting of a final practice permit to 187 companies and FX Bureaux, bringing the total number of companies and offices that have obtained a final practice permit to 278 companies and offices covering various regions of Libya.
The CBL gave no further clarification as to when these FX Bureaux will be allowed to start trading.
It will also be recalled that CBL Governor Naji Issa had promised in August this year that the LD will strengthen to under LD 7 per dollar and that the cash crises will end by 1 October this year. Neither aims have been achieved.
Part of the CBL’s wider reform measures
The introduction of FX Bureaux comes within its wider effort to reform Libya’s economic, monetary, fiscal and financial system to reduce money laundering, reduce the grey economy and tax evasion, reduce demand for the US dollar in the black-market and strengthen the Libyan dinar.
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