Speaking during a press conference after his meeting with the Central Bank of Libya (CBL) Governor Naji Issa last Monday (18 May), Interior Minister Imad Trabelsi said that the two parties had agreed on an implementable plan to support the CBL’s aim to reduce the black-market exchange rate of the Libyan dinar against the US dollar (and major hard currencies).
The CBL is no longer secured by militias – but by regular Interior Ministry police
Trabelsi started by welcoming the fact that now, unlike in earlier years, the CBL is no longer secured by militias, tribes, or any armed groups – but rather by regular police from the Ministry of Interior.
Trabelsi said this has given the Governor, his Board Members and his staff the opportunity and peace of mind to work professionally and comfortably. He said he was very pleased with what has happened in this great struggle (between militias since the 2011 revolution) over who should provide security for the CBL.
Trabelsi said the Libyan state, with all its branches, must cooperate to ensure the success of the Governor’s endeavour to reduce the black-market exchange rate. He said the dollar reaching 13 and 11 dinars on the black-market was due to speculation and chaos. Now, he said, the CBL is regulated, and our role as a Ministry of Interior is not to issue decrees. We are implementing the recommendations and procedures, supporting the CBL Governor, and all commercial banks, and protecting the transfer of funds (from the airport to the CBL and from the CBL to commercial banks).
Today, he added, after the securing by the Interior Ministry of commercial banks and the CBL, the Governor has put in place a plan for the issue of debit cards and digital transformation. As a result, in the 2025 there was 20 billion in e-payments. In the first four months of 2026 there was also 20 billion in e-payments. These are very large numbers which the Libyan state has achieved, in cooperation with the CBL and other relevant authorities.
All directives from the government led by Prime Minister Abdel Hamid Aldabaiba are in support of the Governor, whether it be the Ministry of Economy, the Ministry of Interior, or all ministries.
So, we will have a plan for the black-market, and we will discuss with the major currency traders and try to persuade them. We will initiate a dialogue as Libyan brothers, initiated by the Ministry of Interior, in cooperation with Interpol and with the CBL, he revealed.
We will discuss with them how in the coming period we can decrease the exchange rate of the dollar, because I believe the dollar is now available with the CBL in the billions. We are ready to secure all the newly CBL-licensed Foreign Exchange Bureaux.
And any major trader who does not have a permit should prove that he is a major trader. The Governor said we will give him a permit and we will help them. But the FX traders must help us and help the Libyan people and help themselves in bringing down the FX rate of the US dollar. We want to cooperate with the CBL and the Ministry of Interior on regulating the dollar exchange rate. The dollar is at 6.50 at the CBL, but on the street it’s at 9 and 10. I don’t think that’s realistic; it’s excessive speculation.
CBL Governor Issa
In turn, CBL Governor Issa said the meeting was very important to discuss some measures, including a partnership with the Ministry of Interior and all its departments. These measures aim to regulate the market in terms of dollar speculation, price gouging, and ensuring the legal importation of goods through official channels and their proper management.
We developed a plan to cooperate with the Ministry of Interior in combating these phenomena, which are causing a waste of the country’s hard currency resources. Therefore, as the central bank, may issue some directives and circulars, but their implementation on the ground requires a partnership with the Ministry of Interior, as it is the authorized body to monitor these phenomena related to smuggling, speculation, and non-compliance with laws regulating commercial activity.
Eliminating the FX black-market in a short period is impossible
We have agreed with the Ministry of Interior to limit this market through messages, persuasion, and dialogue with market participants. We realize that this market has existed for years and decades, and limiting or eliminating it in a short period is impossible. Therefore, we will open a dialogue through the Ministry of Interior with the central bank, so that the black-market FX dealers will not deal in the market and we will give them a grace period to rectify their situations by granting licenses.
Our goal is for the FX price of the dinar to be the official FX price against the dollar.
What is currently being traded in the market through WhatsApp groups and social media is an unrealistic price. For example, in May, more than $3 billion was sold in credits for personal purposes. Therefore, compared to the demand in the market, the market cannot absorb $3 billion. This reflects the true price currently being traded in the market, which is speculative. If the bid and ask price were in the market, we would be ready to increase supply in the market, but there are some markets that need regulation. There is speculation that must be eliminated. We hope that this plan will achieve success in the coming months, and cooperation with the Ministry of Interior will continue, the CBL Governor concluded.
