Libya is launching a Reform Program to boost its Economy

  • Tripoli, State of Libya
  • 14 September 2018
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The Libyan authorities launched a program in the Libyan capital – Tripoli, in order to adjust the economy, through the imposition of fees on transactions in foreign currencies. The program also allowed each citizen to transfer $10,000 annually by available means.
The program, which was announced by Fayez al-Sarraj, Chairman of the Presidential Council of Libya and prime minister of the Government of National Accord of Libya, includes 11 items, among which the strengthening of the Libyan dinar exchange rate by imposing fees on sales of foreign exchange for commercial and personal goods.
The new fees aim at reducing public debt and providing funding for maintenance of facilities and support of public services, such as education, health, and transportation, with the President of the Presidential Council and the Governor of the Central Bank of Libya determining the amount of fees levied.
The program also aims at reducing the gap between the official exchange rate of the local currency at 1.4 dinars to the dollar and the price in the parallel market, which exceeds seven dinars from time to time.

Source (Al-Sharq Al-Awsat Newspaper, Edited)

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