Al-Kabir to PC: Provision of ‘hard cash’ exchange puts a drain on state resources

Al-Kabir to PC: Provision of ‘hard cash’ exchange puts a drain on state resources

May 05, 2020 - 13:58
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Written By: RabiaGolden

The Governor of the Central Bank of Libya (CBL), Sadiq Al-Kabir, has considered that the request from the Presidential Council (PC) to provide $5000 exchange to each individual would result in a severe drain on resources.

He suggested that apart from a drain, it could, in fact, lead to impoverishment, under the present challenging financial circumstances in the country.

In a reply to the head of the PC, Fayaz Al-Sarraj on Monday, Al-Kabir explained that the increase of exchange rate on the ‘black market’ is as a result of the distortion of economic structure, which needs radical solutions.

Al-Kabir further noted that measures taken, based on the declaration of the ‘state of emergency’ are invalid unless they are necessary to address the cause for which that particular ‘state of emergency’ was initially passed.

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