CBL Governor says changing dollar's rate to LYD4 favors businessmen over the public

CBL Governor says changing dollar's rate to LYD4 favors businessmen over the public

March 23, 2017 - 22:12
Posted in:
Written By: AbdulkaderAssad

The Governor of the Central Bank of Libya (CBL) Al-Siddiq Al-Kabeer, said the main reasons that led to economic and financial deterioration in Libya are related to the suspension of oil production and exportation in 2013, besides the shrinking of oil prices worldwide.

Al-Kabeer accused the Chairman of the General Union of Trade, Industry and Agriculture Rooms, Moahammed Al-Raeied, in a letter Al-Kabeer sent to him, of making no decisions and taking no measures to fight corruption, smuggling of goods and assets as well as the increase of prices at the Libyan markets.

"Al-Raeied's call for changing the rate of the US dollar in the CBL to LYD4 is an attempt to benefit the businessmen at the expense of the public greater good." CBL's Governor indicated in his letter.

He also added that for Al-Raeied to be appointed in two positions - the Chairman of the General Union of Trade, Industry and Agriculture Rooms and a member of the Tobruk-based House of Representatives - at the same time makes him lose his neutrality and thus favoring the greater good of the public in the country would be a tough task for him.

Meanwhile, Al-Raeied sent a letter to Al-Kabeer on February 21 proposing a number of ways out of the current economic juncture in the country, including changing the official exchange rates of the dollar and replacing the subsidies of fuel.